Investing.com - The Australian dollar ended Friday's session
mildly higher against its U.S. counterpart, as the greenback came
under pressure following the release of the lackluster U.S.
employment data, which suggested the Federal Reserve will continue
its quantitative easing program in the near term.
AUD/USD hit 1.0526 on Thursday, the pair's highest since December
19; the pair subsequently consolidated at 1.0477 by close of trade,
up own 1.04% for the week.
The pair is likely to find support at 1.0393, Friday's low and
resistance at 1.0526, Thursday's high.
The Aussie turned higher after the U.S. Department of Labor said
the economy added 155,000 jobs in December, easing from an upwardly
revised increase of 161,000 in November.
The unemployment rate held steady at 7.8%, suggesting that the
recovery in the labor market may be slowing.
The U.S. dollar moderated strong gains following the release of the
lackluster U.S. employment data, as the still-high unemployment
rate was likely to keep the Fed's bond-buying program in place for
the indefinite future.
The U.S. dollar gained broadly on Thursday after the minutes from
the Federal Reserve Open Market Committee's December meeting
indicated that the central bank could end its bond-buying program
earlier than expected.
According to the minutes, several Fed officials thought the central
bank would be able to slow or stop its bond purchases well before
In the week ahead, investors are likely to remain focused on U.S.
political wrangling over fiscal policy.
U.S. lawmakers passed a compromise bill to avoid the fiscal cliff
last week, however investors remained jittery over the longer term
outlook, with negotiations on raising the U.S. debt ceiling still
to come in February.
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, January 7
Australia is to produce industry data on construction sector
Tuesday, January 8
Australia is to release official data on the trade balance, the
difference in value between imports and exports.
Later in the day, the U.S. is to release private sector data on
economic optimism, as well as official data on consumer credit,
which is closely linked to consumer spending.
Wednesday, January 9
Australia is to produce government data on retail sales, the
leading indicator of consumer spending, which comprises the
majority of economic activity.
The U.S. is to publish official data on crude oil inventories,
while the U.S. Treasury is to hold an auction of 10-year government
Thursday, January 10
Australia is to produce official data on building approvals, a
leading indicator of future construction activity.
Later Thursday, the U.S. is to publish the weekly government report
on initial jobless claims.
Friday, January 11
The U.S. is also to round up the week with the government's report
on the trade balance.
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