Sean Callow, analyst at Westpac, suggests that the dip in Australia’s unemployment rate in Sep certainly doesn’t look significant but it caused markets to trim pricing for a Nov RBA rate cut to a modest 25% and added confidence to Westpac’s existing call for a period of assessment for the RBA. Key Quotes “AUD/USD of course popped higher on the data but its price action has been underwhelming. Despite A$ often seeming to be the preferred proxy for the US-China trade war, it sits at #6 within the G10 over the week, up just 0.4%.” “Particularly given near-record net shorts for real money accounts on the CME, this is a poor performance. But the thin local calendar, likely further positive noises on trade talks to support equity markets and perhaps a little further trimming of RBA easing risks suggest a modest upside bias for AUD/USD over the week.” “Our modestly bearish DXY view short term should help, with scope for 0.6825/50. But any probes in the 0.6850/0.6900 area would be tempting for structural short positions.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZ: Growth will stabilise – ANZ FX Street 4 years Sean Callow, analyst at Westpac, suggests that the dip in Australia's unemployment rate in Sep certainly doesn't look significant but it caused markets to trim pricing for a Nov RBA rate cut to a modest 25% and added confidence to Westpac's existing call for a period of assessment for the RBA. Key Quotes "AUD/USD of course popped higher on the data but its price action has been underwhelming. Despite A$ often seeming to be the preferred proxy for the US-China trade war, it sits at #6 within the G10 over the week, up just 0.4%." "Particularly given near-record net shorts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
