RBA or jobs: can either shake the Aussie?

A positive jobs report could nudge the local unit to the higher end of its current range, but the Reserve Bank will be hoping that the US dollar's strength will soon kick in and ultimately send the Aussie lower.

After shedding two cents from its high at US94.7c to trade as low as US92.7c last week, the Aussie dollar seemed destined to weaken further on the back of improving US economic conditions. However, despite threatening to break below its recent range between US92-95c, Friday’s North American employment report halted the downside momentum. Notwithstanding the strong number, US dollar profit-takers selling some of their long positions due to a slightly lower than forecast result saw the Australian dollar bounce back above the 93c handle. 

Graph for RBA or jobs: can either shake the Aussie?

This week, however, the Aussie dollar focus is sure to shift away from the US back to the raft of domestic economic data releases with Monday’s stronger than expected 0.6 per cent rise in June retail sales setting the tone early.

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