AUD vs JPY exchange rates

The Aussie opened almost a cent higher against the US dollar this morning after closing on Friday at 0.7040. After reaching the overnight low of 0.7020 the Australian dollar spiked over a cent when the US employment data was released. The Aussie opened this morning at 0.7128 after reaching an overnight high of 0.7158. The US dollar fell after the employment figures were released. The data was expected to show an increase of 240,000 jobs. The figure was much weaker with only 32,000 extra jobs in July. This data will put pressure on the Federal reserves decision regarding interest rates this week. Even with such a poor performance last week, the markets are still expecting an increase in interest rates though. The US dollar may regain some strength if this happens. The cross rates had mixed results over the weekend. The Euro and Kiwi are lower than Friday’s close with the British Pound and Yen slightly higher. Locally this week employment data is released on Thursday. The market are expecting no changed in our unemployment rate. The US Federal Open Market Committee will meet on Tuesday night and announce whether they will lift interest rates. This will be the market major focus this week, with expectations that the rate will be increased by 0.25%. The US dollar will rebound from Friday’s poor figures if this occurs. Onshore today, the Aussie will try to hold above 0.7100 but may struggle to break through 0.7150.