The Euro drifted marginally lower against the greenback in overnight trade as markets digested another widespread bout of US Dollar selling over the preceding 24 hours, with the single currency once again leading the way. The British Pound was little changed as prices continued to oscillate in a choppy range around the 1.59 figure for the second consecutive day. The Australian Dollar soared against other major currencies after September’s Employment figures more than doubled economists’ expectations, boosting interest rate hike expectations. The report showed the economy added 49,500 jobs versus forecasts calling for a 20,000 increase. The outcome proved all the more encouraging as most of the jobs gain owed to an increase in full-time positions, meaning firms are confident enough in the prospects for future demand to commit to longer-term employment contracts. The Unemployment Rate held unchanged at 5.1 percent. A Credit Suisse gauge of investors’ priced-in rate hike expectations over the coming year jumped 15 basis points to the highest in five months following the release, with traders now seeing a 65 percent chance of quarter-point increase in benchmark borrowing costs at the next RBA policy meeting in November.

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