A/U report
While both euro and pound drifted lower in Asian session today, the Aussie continued to hold ground around the .9100 figure boosted by strong business sentiment and labor data. Australian NAB Business confidence survey rose to 19 from 15 the month prior while ANZ Job Advertisements soared to 19.1% from a decline of -8.1% on January. The dramatic jump in ANZ data was the biggest gain in more than 2 years and bodes well for the Australian employment report due Thursday at 00:30 GMT.
Ahead of the Australian labor data, traders will also get a glimpse of the Chinese Trade Balance report which is expected to compress to 7.6 Billion from 14.2 Billion the month prior. Some analysts have pointed out that an increase in the latest measure of the Baltic Dry Goods index which has risen to 3250 from 2750 a week earlier may also prove bullish to the AUD/USD as it indicates an expansion in global trade.
We continue to believe that the Aussie represents the best bet on risk in the currency market and the unit should remain well bid if the labor data on Thursday continues to show strong growth. Having consolidated its gains near the .9000 level, the Aussie is poised to make another run at the yearly highs near .9300 handle if risk appetite remains constructive in the near term.
He who stands for nothing will fall for anything.
AI
