The US jobs report just proved its power on global currency markets with a surprisingly strong number killing the Aussie dollar.
America added 295,000 jobs last month. The market was expecting just 235,000.
The surge in buyers for the US dollar led to a huge drop in the Aussie on the other side of the trade. As the chart from FinViz below shows, there were buyers for the Aussie all the way up to the report, but it then fell some 80 basis points in minutes to 77.6 US cents. Here’s the chart.
Australia’s central bank has been saying that a level of US75c or lower would be helpful to make some of the country’s exports more competitive.
SEE ALSO: Economists declare: 'Full employment!'
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