AUD/USD rises as global stocks gain; U.S. jobs data awaited

ForexNewsNow | Published on October 28, 2010 at 8:01 am

intraday analysis - The Australian FlagNEW YORK (Forex News Now) – The Australian dollar rose against its U.S. counterpart on Thursday, as better-than-expected corporate earnings pushed global stacks high and ahead of key U.S. jobs data.

In European afternoon currency market trading, AUD/USD hit 0.9776, up 0.58 percent on the day.

The U.S. Labor Department was expected to say later in the day that initial claims for unemployment benefits by U.S. workers rose slightly last week. The report comes after Wednesday’s generally upbeat data on new U.S. home sales and durable goods orders.

According to intraday analysis, AUD/USD was likely to touch support around the low of Oct. 5, 0.9541, and encounter immediate resistance around the daily high, 0.9864.

The Aussie’s gains also came as FX traders awaited an important report on the Australian housing market. The Housing Industry Association, a trade group, early Friday was due to publish a monthly report on new home sales in Australia in September.

Elsewhere, the Australian dollar climbed slightly versus the yen: AUD/JPY traded at 79.5, up 0.03 percent, according to intraday analysis.

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