The AUD/USD pair lost ground on Thursday, dropping towards the 0.6600 level after initially gaining momentum on positive jobs data from Australia. However, renewed strength in the US Dollar prevented the pair from sustaining its upward movement.
US Dollar Price Today
The table below displays the percentage change of the US Dollar against major currencies, with the USD showing strength against the Japanese Yen.
The Australian unemployment rate rose to 4.2% in July, while employment change exceeded expectations at +58.2K. Additionally, China’s retail sales grew by 2.7% year-on-year in July, further boosting the Aussie dollar.
Despite the positive data, AUD/USD faced pressure in the American session as strong US economic indicators, including a decline in weekly jobless claims and an increase in retail sales, lifted the US Dollar.
Australian Dollar FAQs
Factors influencing the Australian Dollar include interest rates set by the Reserve Bank of Australia, the price of Iron Ore, the health of the Chinese economy, inflation, growth rate, and trade balance. Market sentiment also plays a crucial role in shaping the AUD’s value.
Overall, the AUD/USD pair’s movements are influenced by a combination of domestic economic data, global market trends, and geopolitical events. Traders and investors should closely monitor these factors to make informed decisions in the forex market.