Bell FX Currency Outlook: The Australian Dollar has opened lower this morning following a night of heavy market sentiment.

Australia: The local unit has lost more than one US cent after disappointing jobs data took the wind out of the AUD in yesterday's trading session. Data showed total employment in Australia fell by 27,000 in June whilst the unemployment rate rose to 5.2 precent.

While markets were expecting the unemployment rate to tick up to 5.2%, a flat result was expected with the jobs numbers; and the poor result released can explain a portion of the AUD weakness.

The dollar will likely continue to trade lower this morning ahead of Chinese GDP data due around midday today.

Economists are expecting the world's second largest economy to have grown by 7.9% the past year. Anything below this will add to downward pressure and already heavy sentiment and could see the Australian dollar back to parity very quickly.

Majors: The US dollar continued to gain ground as investors flocked to the safety of the dollar and the Yen after the FOMC minutes released Wednesday night failed to deliver a clear signal on hoped-for new economic stimulus.

The EUR/USD fell for the eighth consecutive session, falling below USD1.2200 against the Greenback for the first time in two years.

US jobless claims saw a sharp tumble this week with weekly claims falling by 26,000 to 350,000; the biggest weekly drop since 2008.

US equities were dragged lower by the markets disappointment to yesterday's FOMC minutes, although pared losses later in the session.

The Dow Jones fell 0.2% to 12,573 whilst the S&P 500 closed 0.5% lower to 1,335. European equities also ended the session lower with the German DAX falling 0.5% at 6,419 and the FTSE 100 closing 1.0% lower at 5,608.

Oil prices rose slightly paring earlier losses with WTI futures closing 0.3% higher at USD 85.78 per barrel, and Bret closing 0.8% higher at USD 100.75 per barrel. Gold was little changed closing up 0.1% at USD 1,572 per ounce.
Economic Calendar
13 JULY CH GDP Q2
CH Industrial Production JUN
US PPI JUN
US University of Michigan Consumer Confidence JUL