The Australian dollar has struggled throughout the week, hitting four-year lows against the high-flying US dollar. This was despite impressive job data released early Thursday morning, although this is subject to seasonality factors. The Australian economy gained 24,100 jobs in October, beating forecasts of 10,000 while unemployment figures went up slightly up to 6.2%, with the forecast at 6.1%.
The Australian dollar remains under pressure this month, especially given the recent data released this week of slower growth from China, and the data mentioned yesterday. In the short-term we could see the Aussie dollar drop further, particularly with the Australian central bank saying the currency is overvalued.
It is an important day for the Canadian dollar today as a whole raft of data is being released. It continues to be outshone by the impressive US dollar, due chiefly to better-than-expected US jobs data yesterday, which kept the Canadian dollar hovering at five-year lows against the US dollar. However, there was some good news from Canada yesterday, with local building permits rising an incredible 12.7% in September – this was forecast at just 6%.
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