The Australian Dollar (AUD) came off Friday’s low of 0.6190 against the US Dollar (USD) returning to 0.6280 in early Tuesday as equities closed higher in overnight trading. The question is, will it hold, far too often in the past few weeks we have seen the Aussie make gains only to slump to new lows. A push higher through last week’s high at 0.6350 will go a long way to signal further upside could be possible. US data in the form of Empire State Manufacturing declined in October, the index falling 8 points in the New York State area. Discouraging Chinese manufacturing numbers and subsequent weaker iron ore prices are all underpinning the Aussie underperformance of late. Australian jobs numbers print Thursday our key data announcement this week and should reflect an improvement in the labour market.
Current Level: 0.6294
Last Weeks Range: 0.6168-0.6378