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Forex - AUD/USD slightly lower ahead of U.S. jobs report

Published 10/21/2013, 10:31 PM
Updated 10/21/2013, 10:32 PM
AUD/USD
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AUD/JPY
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Investing.com - The Australian dollar traded slightly lower against its U.S. rival during Tuesday’s Asian session as traders brace for the September non-farm payroll report out of the U.S., which was delayed due to the recent government shutdown there.

In Asian trading Tuesday, AUD/USD inched down 0.05% to 0.9652. The pair was likely to find support at 0.9605, the low of October 18 and resistance at 0.9760, the high of June 4.

The greenback traded higher against most of its major rivals Tuesday in what could be a sign traders are preparing for disappointment out of the delayed jobs report.

The September jobs report for the U.S., originally due out October 4 but delayed because of the shutdown, is due out later Tuesday. Economists expect the addition of 180,000 new jobs and for the unemployment rate to stay at 7.3%.

In U.S. economic news out Monday, the National Association of Realtors reported earlier that total existing home sales declined 1.9% to a seasonally adjusted annual rate of 5.29 million units in September from a downwardly revised 5.39 million in August, mainly due to home prices outpacing income growth. Analysts were expecting to see 5.30 million units sold.

Meanwhile, some market observers expect the Aussie’s recent bullishness to continue due to strong Chinese economic growth. China, the world’s second-largest economy, is Australia’s largest export market.

Deutsche Bank has a 98 U.S.- cent forecast for the currency by year-end and would not rule out a 1 U.S. dollar valuation at some point in the fourth quarter, according to Xinhua News.

Elsewhere, AUD/JPY inched up 0.01% to 94.82 while AUD/NZD was flat at 1.1421.


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