AUD/USD surrenders bit of gains near one-month high post-job data, China’s inflation eyed

AUD/USD prints fresh daily gains on Thursday in the initial Asian session.
The US Dollar Index breaks 94.00 amid risk-on sentiment.
Mixed employment data, China’s inflation data, and risk-on mood aid the Aussie gains.

AUD/USD continues with the previous session’s gains amid USD’s across the board sell-off. The pair recorded a rally of nearly 60-pips in the US session. At the time of writing, AUD/USD is trading at 0.7391, up 0.18% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals fell briefly below 94.00 for the first time since October 6. Investors digested a combination of factors in higher US CPI, the FOMC minutes and upbeat China’s trade data. It is worth noting that S&P 500 Futures are trading at 4,355.25, up 0.33% for the day.

On the other hand, the Aussie pauses the upside momentum following the mixed economic data. The Unemployment Rate in Australia increased 4.60% in September from 4.50 in the previous month whereas Employment in Australia decreased by 138000 in September. The Full-Time Employment came higher at 26700. 

Meanwhile, the rating agency Fitch revised its outlook on Australia’s “AAA” rating to stable from negative on October 13.

As for now, traders await China’s Inflation data, US Producer Price Index, and Initial Jobless Claims to gauge the market sentiment. 

AUD/USD additional levels


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