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AUD build up into todays events in EZ / US - BTMU

FXStreet (Guatemala) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ noted the events overnight effecting the AUD as a set up to todays activity around the ECB developments.

Key Quotes:

"The Australian dollar had rebounded modestly in the Asian trading session supported by the release of the stronger than expected Australian employment report for October. The report revealed that employment increased by a larger than expected 24.1k in October although the unemployment rate edged higher to 6.24% from 6.20%."

"Still the underlying trend for employment growth remains weak as evident by the annual rate of employment growth at just 0.9%. In contrast, the working age population increased by an annual rate of 1.8% over the past year. Employment growth has not been strong enough to prevent the unemployment rate from drifting gradually higher which supports the RBA’s commitment to maintain low rates for the foreseeable future."

"The Australian dollar is likely to remain under selling pressure in the near-term after the AUD/USD rate regained downward momentum yesterday falling to its lowest level since July 2010. Australian dollar weakness continues to play catch up with the ongoing deterioration in Australia’s terms of trade."

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