Australian dollar increases in light of US jobs data

Thursday, 17 May 2012

Financial markets impacted by US jobs data

The latest jobs data to come out of the US has had an effect on the financial markets, with the Australian dollar trading higher in light of the news.

Earlier today (May 17), the Australian dollar was trading at 99.14 US cents, increasing from 98.98 cents yesterday afternoon.

Bank of New Zealand currency strategist Mike Jones told the Sydney Morning Herald that concerns about Greece are still having an impact on the currency.

He continued: "Broadly speaking, the positive news offset the negative and markets are probably suffering from a bit of 'European headline fatigue'. So the Australian dollar has basically traded sideways."

The Australian dollar is expected to continue trading in a narrow range as markets wait for further developments to come out of Europe.

It was recently announced that prime minister Julia Gillard would be hosting an economic forum next month to see how the country is dealing with the strength of the Australian dollar.

The meeting will be attended by 150 representatives from businesses, industry and states throughout Australia, who will discuss how the country can stay strong doing financially tough times.

 




Back to News