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Market Update 10/05/2024

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The Australian Dollar rallied against the US Dollar on Thursday, printed gains of 0.60%, due to a softer than expected US jobs report. The AUD/USD trades back above the 0.6600 threshold and gains 0.04% as Friday begins.

US economic data was the main reason behind the poor performance of the US Dollar.  unemployment benefits exceeded estimates. Initial jobless claims for the week ending May 4 rose to 231K, exceeding the expectations of 210K, It should be said that the latest round of US jobs data revealed in May showed signs the labor market is cooling

On the UK front, the BOE decided to maintain the base interest rate at 5.25%,also indicating  that it’s leaning towards implementing interest rate cuts,

No tier one economic data is scheduled to round off the week, looking ahead next weeks US inflation data will be the highlight and market participants will be watching closely for indications from the US PPI and CPI.

Currency PairMid-market rate


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