The Australian dollar is treading water as investors await the release of highly-anticipated jobs figures on Thursday.
At 0700 AEDT on Wednesday, the local currency was trading at 81.55 US cents, virtually unchanged from 81.56 cents on Tuesday.
The Australian dollar took a hit on Tuesday following a slide in oil prices but got a short-lived boost later in the afternoon on better-than-expected Chinese trade figures.
“The Australian dollar had something of a small song-and-dance after better-than-expected growth in Chinese exports and strong implied import volumes,” National Australia Bank senior economist David de Garis said.
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“The Aussie, though, relented back around mid-81 US cents this morning.”
The next big event for the currency will be the release of jobs figures on Thursday.
Economists will pay close attention to the figures because a deterioration of the labour market could suggest that another rate cut from the Reserve Bank is needed.
Australia’s unemployment rate is expected to have held steady at its 12-year high of 6.3 per cent in December, according to an AAP survey of 13 economists.
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