PERTH: The Australian dollar is higher against its weaker US counterpart following the release of weaker than expected US jobs figures. At 0700 AEDT on Monday, the local unit was trading at 70.59 US cents, up from 70.46 cents on Friday. US employment figures on Friday showed that 142,000 jobs were added to the economy in September, well below expectations of a gain of 205,000. Brown Brothers Harriman global head of currency strategy Marc Chandler said the weak data raised doubt about whether the Federal Reserve will raise its interest rate soon. “The unexpectedly poor September US jobs data weakened the greenback’s technical tone, as questions about the underlying strength of the world’s largest economy, and the implications for the Fed’s takeoff, intensified,” he said. “The economic data the US is scheduled to release in the week ahead are not of sufficient heft to alter the pessimism that was spurred, but not caused, by the jobs data.” Mr Chandler said the Australian dollar gains over the past week had been disappointing despite a number of factors that should have pushed it much higher. “It failed to capitalise on a relatively favourable string of domestic data including an uptick in the manufacturing PMI, home sales, and retail sales,” he said. Of interest to markets on Monday will be the release of the ANZ job advertisement survey for September.
shanghai shares start week with losses 25 june 2018
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