In the upcoming days, there will be many important economic data points to keep track of to see where the forex market is going. First off, we can have a look at Antipodean markets. The Australian dollar rate, alongside that of New Zealand, is having its best weeks since July. They have gone up by 1.5% and 1.6% respectively.
The Australian dollar exchange rate maintained around $0.64 US this Friday. This is possibly the result of inflation numbers coming out for the third quarter. The numbers have convinced forex investors that the RBA will raise rates yet again. As usual, New Zealand’s dollar will rise alongside the Aussie.
Another market we have to take into account is China, as Australia’s market has such close links with it. Policies that may help buoy the yuan in the Chinese market will also help the best Australian dollar rate.
Key Metrics Affecting the Australian Dollar Rate
A final point of consideration would be the US dollar. It seems as though investors finally feel confident that America’s Fed will no longer be raising interest rates. Therefore, we may finally see the US dollar calm down on its relentless rise up. As the US dollar weakens, we may see other global currencies get some relief and finally find some stability. This includes the likes of the Australian and New Zealand dollar.
The next economic data point we should look out for is US jobs data. So far, analysts expect there to have been 180,000 new jobs in October.
The likes of the Japanese yen and the Swiss Franc may have been the weakest in the running this week. As markets seem to be offering more reliable investments, traders are abandoning safe-havens.
The yen is at 150.28 to the US dollar as of this Friday. Moves by the BoJ to discontinue previous policies are ongoing. However, they still do not appear to have helped out in making improvements so far, as the dollar has been keeping the yen under pressure.
We will have to see if this trend continues for the Australian dollar rate, the yen, etc.
