Key Data Being Released Today.
Thursday
- USD CPI Oct: exp. 0.5%
- USD Core CPI Oct: exp. 1.4%
- USD Unemployment Claims: exp. 266K
- AUD Employment Change: exp. 50.0K
- AUD Unemployment Rate: exp. 4.8%
- GBP Prelim GDP Q3: exp. 1.5%
The Aussie Dollar
All eyes will be on the Australian Employment data being released today at 11:30am AEDT, were expecting the official unemployment rate to increase from 4.6 to 4.8%.
The Aussie took another dive overnight after the US CPI data came out stronger than anticipated. The Labour Department reported on Wednesday that the US Consumer Price Index (CPI) for October increased by 6.2%, on annual base numbers, higher than the 5.3% foreseen by analysts. Additionally, unveiled that the Core CPI that excludes energy and food volatile items increased by 4.6% for the same period, more than the 4.3% estimated by economists. According to the report, prices in energy, shelter, food, and vehicles triggered the spike in the CPI. Also, inflation is broadening beyond areas associated with a reopening in the USA. This data all ads strength to the argument that the US Federal Reserve will rise interest rates next year.
Another Area for concern for the Aussie Dollar is the weakening of Iron Ore prices, which has dropped by more than 50% form USD/T 220 in July to USD/T 92.19 today. Iron Ore is widely considered the backbone of the Aussie Dollar so with it being so week, any moves lower in the AUD could continue longer than initially expected.
Also Please note that Thursday the 11/11/2021 is a bank holiday in the USA.
Iron Ore Price USD/T
AUD/USD Daily Chart
Major Global Markets
- Stocks
- S&P 500 closed at 4646
- NASDAQ closed at 15994
- ASX 200 closed at 7423
- Currencies
- AUD/USD – At the time of writing this report trades at 0.7330
- AUD/JPY – At the time of writing this report trades at 83.47
- AUD/CNH – At the time of writing this report trades at 4.6877
- DXY (US Dollar Index) – At the time of writing this report trades 94.866
- AUD/EUR – At the time of writing this report trades 0.6385
- Bonds
- US 10-year Bonds are currently at 1.570
- Commodities
- Iron Ore – Trading at USD/T 92.19
- Gold – trading at USD/OZ 1849
- Brent Crude Oil – Trading at USD/Bbl 82.67