Aussie dollar drifts lower ahead of unemployment data

In short

1. The Aussie dollar continues to trade lower against the US dollar
2. In a mixed 24 hours, the AUD has opened higher against the British Pound (GBP), flat against the NZ Dollar (NZD) and down against the Euro (EUR)
3. Australian unemployment data out tomorrow

The Australian dollar has had a fairly uneventful week so far.

After hitting a 5 month high above 69 cents on Friday, it has drifted more than 1% lower. The AUD/USD exchange rate which was driven higher on the expectation of a US China Trade deal, has fallen in the last few days as few details have come to light.

It has been a mixed week for the Australian dollar against the other major currencies. Last night, the AUD/EUR dropped 1% while the AUD/GBP has made a mild rebound after falling heavily last week.

Looking ahead, tomorrow's unemployment data will be closely watched by markets. An increase in unemployment should increase the chance of an interest rate hike in February and could pressure the Australian dollar lower.