The Australian dollar hits a two-week high as the market focuses on Australian employment data.

1. With the US dollar’s rally pausing, the Australian dollar and New Zealand dollar stabilized and rebounded on Wednesday. The Australian dollar rose by as much as 0.24% against the US dollar to 0.6998, reaching a new high since September 29, and extending its overnight gains with a 0.36% increase overnight. Analysts state that, after breaking through the 0.6995 resistance, it may further test 0.7045, with support levels at 0.6933 and 0.6904.2. The New Zealand dollar traded at 0.5624 against the US dollar, up about 0.25% with a 0.5% overnight increase, moving away from the 17-month low of 0.55805. The resistance levels ahead are the October 6 high at 0.5626, followed by 0.5650 and 0.5687, indicating further rebound will face resistance.3. The market is still digesting the Reserve Bank of Australia’s September meeting minutes, which are considered more hawkish than the statements made by Governor Bullock at last month’s post-rate hike press conference. The minutes show that policymakers mentioned the Australian dollar multiple times and noted that if overseas central banks continue raising rates while the Reserve Bank of Australia stays put, the Australian dollar may weaken, leading to an easing in financial conditions.4. Nomura economist Andrew Ticehurst stated that the meeting minutes were overall more hawkish than expected. The institution maintains its base forecast that the Reserve Bank of Australia’s rate hike cycle has ended but believes the likelihood of another hike in November has risen from 30% to 40%. The market expects the probability of a rate hike at the Reserve Bank of Australia’s November 3 meeting to be around 30%, and 50% in December.5. However, this expectation could change with the Australian September employment data to be released on Thursday, and investors need to remain attentive.