AUD/USD Daily Fundamental Analysis for August 11, 2011

The Australian has witnessed a correctional movement against the American dollar after the fed pledged to keep rates low to counter the slowing recovery and ease market tension following the credit downgrade.

Moreover, Aussie remained fragile versus the dollar after the Australian economy reported that the consumer confidence dropped for the fourth month in a row to the lowest level in more than two years, adding that the Australia needs time to improve; reducing demand for the Australian dollar.

Fears dominate the market movements at this period on concern the global economy is in a hurdle phase, affected by the crises that threatens global economic growth.

On Thursday, the market awaits important data that has a heavy impact on the market movements, where the Australian economy will issue at 01:30 GMT a number of important data regarding the labor market. The unemployment rate for July is expected unchanged at 4.9%.

Moreover, the employment change for July after the nation has added 23.4K workers in June.

The U.S. trade balance for June will be released at 12:30 GMT, where it’s expected to show a deficit of $47.5 billion from the previous deficit of $50.2 billion.

At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for state unemployment insurance increased 400 thousand last week.