The Aussie dollar is trading near yesterday’s levels but not before shooting up past the 0.65 mark to reach a high of 0.6522 on a weaker dollar. The Aussie failed to maintain that high, however, and dropped back to 0.6475. Out of the U.S., softer employment data with the ADP report, coming in at 177k from an expected 195k and much lower than the previous release of 371k. Also showing a slowing down in the U.S., is the GDP report which was revised lower for Q2 to 2.1%. The market translates this slowing with that of the Fed halting their higher interest rates stance. The next Federal Reserve meeting is scheduled September 20 and all eyes will be on Nonfarm Payrolls this week, and additional inflation numbers next week, such as CPI and Personal Consumption Expenditures.
On the Australian front, housing data was released weaker than expected along with the Consumer Price Index which also dropped to 4.9%.
