Aussie Loses Momentum on US-Sino Talks

Earlier in the Asian session, the Australian Dollar had edged higher relative to its US counterpart after optimism was sounded by both the Chinese and American presidents which suggested to market players that the trade dispute might finally be resolved. The Aussie Dollar is sensitive to any developments that arise in China, its primary trading partner. Analysts say that continuing concerns over Chinese growth has kept any gains for the Aussie tempered.

As reported at 10:46 am (JST) in Tokyo, the AUD/USD was trading at $0.7193, down 0.12%; the pair has ranged from $0.71929 to $0.72140. The NZD/USD was trading higher at $0.665, up 0.09% and off the session peak of $0.66661 while the low was recorded at $0.66400.

Wary Traders Push Dollar Higher

In the US, the greenback recovered after earlier being under some pressure ahead of today's release of October's non-farms payroll figures. Economists are forecasting a rise in new private sector jobs with 190,000 being recorded for the month, against September's 134,000. It is also predicted that the Average Hourly Earnings will rise to 3.1% from 2.8% in October, on a year-over-year basis. The unemployment rate is expected to remain unchanged at the current 3.7%. The EUR/USD was trading lower at $0.8772, down 0.02%, while the GBP/USD was at $1.30, down 0.05%.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.