By FX Empire.com
The market continues to fluctuate heavily, where the Australian dollar extended the rally on hopes that the EU is moving forward and will be able to contain the debt crisis.
Australian currency declined against its major counterparts in early trading hours on Wednesday as the negative outlook for the global economic growth and fear that Greek bondholders have to accept larger write-downs increased demand for safe haven currencies such as the Yen that rose against the common currency.
The current financial crisis needs to time to cool as the European debt crunch has extended to the critical dimensions, while this crunch has moved to many countries in Euro-Zone, reducing the demand for higher yielding currencies.
On Thursday, the Australian economy at 00:30 GMT will report a number of important data, where the nation is to release its unemployment rates for September which is expected to remain steady at 5.3%.
Moreover, the employment change for September is expected to show 10.0 thousand added jobs after it shed 9.7 thousand workers in August.
The U.S. economy will release the Trade Balance for August at 12:30 GMT, where it’s expected to show a widening deficit to $46.0 billion from $44.8 billion.
Also at 12:30 GMT, the U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance increased 401 thousand last week.
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