This Tuesday, the AUD to USD conversion rate appears to have lifted up. This followed data coming from the USA concerning consumer confidence, which had considerable implications for the dollar. Traders would have concerns regarding more data coming soon regarding employment, home sales, and GDP data. So, considering all this, the pair went up to new heights. As it stands, converting 1 AUD to USD reaches almost 0.65. We shall have to see how further data changes this figure.
When it comes to data on employment, analysts believe new private sector jobs will have appeared over the last month. However, they believe this will be at a considerably lower rate, going down from 324k new jobs to an estimate of 195k. Such data would indicate to traders that the growth that the US has been experiencing may finally be slowing down. That is if analysts have made accurate guesses.
Jobs Data and Other Key Metrics that Affect the AUD Exchange Rate
Job openings have already been dropping, according to recent data. Data from Tuesday shows that there were previously 9.2 million openings this June, which has dropped down to 8.8 million. Analysts have not seen such a low number of openings for a few years, since 2021, in fact. Data on consumer confidence has also not been positive. It shows a drop from a score of 117 all the way down to 106 for August. All of these figures, in combination, are bad indicators of the direction the US economy is heading in. Therefore, the relative drop in the value of the US dollar against the AUD exchange rate only makes sense.
This data could have an effect on the Fed’s plans from this point. Recently, the Fed had stated that they may consider an interest rate hike in September. However, considering all the data, they may delay these plans for the months ahead. We shall this what this means for the AUD to USD conversion rate in the future.