AUD/USD update (10th Nov 2011, 15:30)

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by Market Moves Staff

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The Australian dollar was marginally higher this afternoon after heavy losses in early morning trading.

The Australian dollar dived to a one-month low of $1.0055 after Italian bond yields spiked to 7.5%, sparking fears of a eurozone break-up. However, solid Australian jobs figures and Chinese trade data helped to push AUD/USD back into positive territory and to a high of $1.0209. The Australian unemployment rate unexpectedly dipped to 5.2% from 5.3%, while full-time employment showed an increase of 20,000 jobs. Meanwhile data from China, Australia’s largest export market, showed that imports from Australia increased by 36.7% from the same period last year.

Though the data bodes well for the commodity-based currency, AUD/USD could see further downside pressure, especially if there are more shocks in the eurozone. Meanwhile, US jobs data also painted a brighter picture for the world’s largest economy, supporting AUD/USD, as jobless claims fell by 10,000 to 390,000 in the week ending 5 November.

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