Following on from yesterday's solid domestic session, the Aussie dollar continued the upward trajectory overnight. The local unit flirted with 92 US cents, before falling to current levels of 91.4 US cents on the back of broad weakness across key commodities, namely Gold which is currently trading US$13 lower from this time yesterday. Local economic news today includes employment data, which is predicted to show an additional 15,500 jobs created in the month of February - keeping the official unemployment rate steady at 5.3 percent. The month of January saw the Australian economy create 52,700 new Jobs, outstripping the 15,000 expected. We expect movements to be highly reactive to this morning's jobs data which is seen as a precursor to the RBA's stance on interest rates when the bank reconvenes in April.
To the UK and Industrial Production data failed to meet expectations, recording a 0.4 percent contraction in January against the expected moderate growth of 0.3 percent to represent an annual contraction of 1.5 percent. UK Manufacturing data also recorded a decline of 0.9 percent against expected growth of 0.3 percent. As a result sterling continued fell below 1.49 US cents but has since regained composure to current levels of 1.4975 with the assistance of a little greenback weakness across the board.