Australian dollar makes notable gains

October 8, 2013

Markets were quiet again today as we enter day eight of the US government shutdown and no news about any progress in the budget talks in Congress.

Most currency pairs consolidated in the European session, not far from prior day levels. The only notable move made by a currency was by the Australian dollar.

Helping the aussie higher today, apart from the weaker greenback, is some upbeat Australian economic data. Australian job advertisements in newspapers and on the Internet rose modestly in September for the first time in eight months, giving signs the labour market may be starting to pick up.

The ANZ job ads index rose a seasonally adjusted 0.2 percent in September from August, when they declined by 2.0 percent. 

Also adding to the positive mood for the Aussie was a survey that showed Australian business confidence rose to a 3-1/2 year high in September.    The National Australia Bank's survey of more than 400 businesses showed confidence rose for the second straight month, and shot up to 12, from a downwardly revised 4 in August, reaching its highest since March 2010.

AUDUSD is currently up at a high of $0.9482, after breaking key resistance of $0.9448.

In other currencies, we saw some rebound in the US dollar against the yen and Swiss franc in particular There was minimal change against the euro and pound.

USDJPY bounced over 60 pips so far today to a European session high of 97.17 yen. The pair found support along 97.00. 

USDCHF gained  0.3 percent to 0.9056.

EURUSD is heading into the US session at $1.3573, slightly lower since compared to the Asian session open level.

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