This number is quite a shock. This is a short-term negative for the currency and I'm surprised it hasn't fallen further.
More Quotes from Greg Gibbs:
It's quite difficult to get bullish on the Australian dollar when the U.S. dollar is rising on interest-rate differentials.Greg Gibbs
The Australian dollar has moved up against all other currencies quite sharply. The market has been wrong-footed by the Australian dollar, as has happened on several occasions this year. You get a few strong numbers in Australia and the market has to turn around again.
Greg Gibbs
The currency and rate futures markets are pricing in a rate hike by year-end and two by the middle of next year and this is why the euro has strengthened, especially against the yen,
Greg Gibbs
Interest rate expectations will continue to support the Australian dollar.
Greg Gibbs
The Fed is probably going to hold to see how the economy plays out. There's even some concern the U.S. economy had already started to slow down before the hurricane. If that's the case, it's quite bearish for the dollar.
Greg Gibbs
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