The Australian dollar lost value on Thursday against the world's reserve currency for a second-straight day after the South Pacific nation released jobs data indicating the unemployment rate scaled to its top level since 2009, according to Bloomberg.
The Aussie is poised to be impacted by the U.S.' release of consumer spending data, which is likely to play a role in the decision-making process of the U.S. Federal Reserve regarding when it slashes stimulus. Fed policy makers are set to meet next Tuesday and Wednesday.
"The AUD perked up on the (employment) headlines but reversed all gains an hour later as the labor market overall still remains sluggish," head of Asia-Pacific FX research Annette Beacher with TD Securities in Singapore told Reuters on Thursday.
The Australian dollar fell roughly 0.2 percent against the U.S. dollar after dropping 1.1 percent on Wednesday against the greenback. The Aussie's losses on Thursday against the Japanese yen amounted to 0.1 percent after having fallen 1.5 percent on Wednesday against the monetary unit of the Pacific Rim nation.
The Aussie was nearing its 90-day trough against the greenback on Thursday, which it fell to last week, according to Reuters.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
