Australian dollar is under pressure as a result of risk-off attitude.

Despite disappointing economic statistics from the United States (US) reported on Thursday. The Australian Dollar (AUD) faces hurdles and continues to fall on Friday. The AUDUSD pair’s weakening could be ascribed to a risk-off mentality caused by the Federal Reserve’s (Fed) uncertainty over interest rate direction. However, weakening labor market conditions in the United States. Along with recent inflation figures, bolster the view that the Fed is unlikely to hike interest rates further.

The Employment Change report from Australia did not support the AUD.

The Australian Dollar (AUD) did not profit from an encouraging Aussie jobs report. And increased inflation predictions. The seasonally adjusted Employment Change in October was much greater than the market expected. However, the majority of the jobs were part-time. Which lessened the overall positive impact of the headline.

The US Dollar Index (DXY) trades sideways with a negative bias. Following a volatile session that finally favored the Greenback. Despite dismal US economic data and lower than expected US bond yields, the US Dollar (USD) managed to gain ground. On Thursday, the 10-year Treasury note rate fell to 4.43%.

Initial Jobless Claims in the United States reached 231K, the highest number in nearly three months.

Continuing Jobless Claims in the United States increased to 1.865 million from 1.833 million in the prior week. The highest level since 2022. Furthermore, Initial Jobless Claims for the week ending November 10 increased to 231K from 220K projected. The highest amount in nearly three months. The Philadelphia Fed Manufacturing Survey. On the other hand, recorded a figure of -5.9. An improvement over the previous print of -9.0.

Looking forward, Friday’s US housing data is expected to reveal new insights into the housing sector. Perhaps impacting trading decisions in pairs such as AUDUSD.

Daily Market Movers: The Australian dollar falls as a result of risk-off sentiment caused by the Fed’s uncertainties.

Australia’s seasonally adjusted Employment Change increased by 55K in October, exceeding market expectations of 20K and 6.7K in the prior month.

The Australian unemployment rate was 3.7% in October, as expected, compared to the prior figure of 3.6%.The Wage Price Index in Australia increased by 1.3%, as expected, compared to the prior estimate of 0.8%. The year-over-year figures indicated a 4.0% growth, which was higher than the expected 3.9%.

Because of persistently high domestic demand and significant labor and cost pressures, RBA Assistant Governor Marion Kohler believes inflation will fall more gradually than predicted, underlining the need for tougher policies to battle persistent inflation.

Meeting between US President Joe Biden and Chinese President Xi Jinping resulted in a commitment to restore certain military-to-military interactions.

The meeting between US President Joe Biden and Chinese President Xi Jinping resulted in a commitment to restore certain military-to-military interactions and to repair strained bilateral ties.

President Xi underlined his desire for the United States to stop arming Taiwan and to support what China refers to as Taiwan’s “peaceful reunification.” There is also a request for the United States. to abolish unilateral sanctions and provide a fair and just environment for Chinese companies.

China’s House Price Index fell by 0.38% in October, following a 0.1% drop in September, showing a worsening situation in the country’s property market.

Contrary to forecasts, China’s Industrial Production (YoY) increased at 4.6% in October, a little improvement from the previous 4.5%. Retail sales increased 7.6% year on year, exceeding the expected 7.0%.

The US Producer Price Index (PPI) fell 0.5% in October, falling short of the forecast 0.1% increase. The annual rate was also reduced from 2.2% to 1.3%. These statistics are consistent with the weaker inflation suggested by the US Consumer Price Index (CPI) data released on Tuesday.

Retail sales in the United States fell by 0.1%.in October, confounding estimates for a 0.3% drop.

The October readings of the US Consumer Price Index (CPI) were lower than predicted, with the annual rate decreasing from 3.7% to 3.2%, falling short of the consensus expectation of 3.3%. The monthly CPI fell from 0.4% to 0.0%.

The US Core CPI grew by 0.2%, below estimates of 0.3%, while the annual rate fell to 4.0% from 4.1% previously.