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Australian dollar holds above US77c
Published on 08.11.2016 11:58

The Australian dollar has given up some ground today but still remains above the US77c mark on the back of weak local data and disappointing figures out of China.

At 8.42am (GMT) the Aussie dollar was trading at US 77.09c down from US77.23c in yesterday’s trading.

Data out of Australia earlier today showed the national Australia Bank’s business confidence index fell from a figure of 6 to 4 which pressured the Australian dollar and may make the RBA sit up and think on the question of further interest rate cuts next year.

Chinese import and export figures also came in below consensus for a 2nd straight month casting doubts over the world’s 2nd largest economy and Australia’s biggest trading partner.

With today being the last day  before the US presidential elections, all local and overseas data will be ignored and depending on the winner, the Aussie dollar is expected to move sharply.

The odds for Hilary Clinton to claim victory have now jumped significantly after she was cleared by the FBI following an email scandal,

"The AUD/USD took little notice of the FBI investigation until it was over, suggesting we could see a bullish breakout if Clinton is victorious tomorrow," said Think Markets senior market analyst Matt Simpson. 

"A break of US77.34c will send it to a three-month high and leaves potential to test a 2016 high of US78.35c" he added.


Andrew Masters

Analyst

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