In other currency news, the Aussie Dollar rose on stronger than expected employment news.

Yesterday’s release of the Beige Book survey showed that the US economy has “expanded modestly”, which was different from the August report when it was reported that the US economy “expanded gradually”. Most of the FED districts surveyed showed modest growth while the New York District “leveled off” in economic activity and the Kansas CIty district showed “some slowing” in the pace of growth. Overall there was improvement in the housing market and the automobile sector. Consumption was mostly flat, while manufacturing was slightly improved. The report backed comments made earlier by FED Chairman Bernanke that the current pace of economic growth is not sufficient enough to bring employment conditions back to normal.

In other currency news, the Aussie Dollar rose on stronger than expected employment news. The Australian job market grew by 14,500 in September, which was far better than the consensus of 5,100. The unemployment rate did rise more than expected to 5.4%. According to analysts, while the labor market has remained resilient, it hasn’t reduced the odds of further rate cuts from the RBA. The AUD has tested the 1.0300 level, but has yet to break through.

AUD/USD intraday: the upside prevails.

Pivot: 1.022 Our preference: Long positions above 1.022 with targets @ 1.0325 & 1.035 in extension. Alternative scenario: Below 1.022 look for further downside with 1.018 & 1.015 as targets. Comment: the immediate trend remains up and the momentum is strong.

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