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AUD/USD Exchange Rate Forecast for October 02

AUD/USD Exchange Rate Forecast for October 02

The last week has seen a gradual downwards trend in the AUD/USD exchange, on Wednesday it hit a low of 0.8664 before recovering back above the 0.8700 level.

This was a 9-month low for the AUD and it came after the release of disappointing retail sales data from Australia. Retail sales rose just 0.1% in August, a rise of at least 0.4% was hoped for after an increase of 0.4% in July.

At the same time the dollar has remained strong after data showed that US non-farm private employment rose more than expected this month. Employment rose 213,000, significantly more than the expected 210,000. Furthermore, the economy created 202,000 jobs in August.

The dollar is expected to remain strong over the coming days while no positive data is forecast for Australia, this combination makes this trade a good Put option for the short term.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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