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Forex – AUD/USD holds steady, kiwi slips lower in late trade
The Australian dollar was little changed against its U.S. counterpart on Monday, while the New Zealand dollar slipped lower as expectations for U.S. rate hike in December continued
to support the greenback, although fresh geopolitical tensions weighed. Trading volumes were expected to remain thin with U.S. markets closed for Columbus Day. AUD/USD held
steady at 0.7763, not far from Friday’s three-month lows of 0.7732. The dollar retreated following reports on Friday that North Korea is preparing to test a long-range missile, adding
to fears over a potential conflict in the region. But the greenback remained broadly
supported as the wage data from Friday’s U.S. jobs report was seen as potentially boosting inflation. The U.S. economy lost 33,000 jobs in September, the Labor Department reported,
ending seven straight years of job growth. But the decline was driven by slower hiring due to the effects of Hurricanes Irma and Harvey. The unemployment rate fell to 4.2%, the lowest since 2001 and average hourly earnings rose 2.9% from a year earlier. The uptick in wage inflation bolstered expectations that the Federal Reserve will hike interest rates in December.
Expectations that U.S. rates will rise help support the dollar by making U.S. assets more attractive to yield-seeking investors. NZD/USD slipped 0.21% to trade at 0.7074, just off Friday’s four-month trough of 0.7059. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.63 by 02:15 a.m. ET (06:15 GMT), still close to Friday’s 10-week highs of 94.10.
Reading this brought back an idea I had set aside months ago, and a stop at morningvendor added more substance to that idea, content that revives dormant projects in my own thinking is content with serious creative value and this site is contributing to my own work in ways I had not expected when first clicking through.
Now planning a longer reading session for the archives, and a stop at travik confirmed the archives are worth that longer commitment, sites with archives I want to read deliberately rather than just sample are rare and this one has clearly earned that level of interest based on the consistency of what I have already read.
Honestly the simplicity is what makes this work, the topic is not buried under filler words or overly complex examples, and a quick look at artisanza showed the same sensible style, I left with what I came for and no headache from over reading which is a real win these days.
Honest assessment is that this is one of the better short reads I have had this week, and a look at elmbasket reinforced that, the bar for short content is low because most of it sacrifices substance for brevity but this site manages both at once which is harder than it sounds for most writers attempting it.