The Aussie dollar just rocketed higher after the massive 42,000 print for May employment.
Clearly forex traders were worried that the recent run of weaker data was going to be replicated with today’s jobs report, because the Aussie was trading back from the overnight highs at 0.7720. But it’s jumped half a cent 0.7770.
It will be interesting if this data can drive it back up and through the recent, impenetrable, resistance at 0.7810/20.
RBA boss Glenn Stevens must be gritting his teeth yet again, because the dollar refuses to lay down and die, no matter how hard he tries to kill it off. Stevens and the RBA Board will be looking across the Tasman this morning as the Aussie dollar challenges 80 cents, because the Kiwi is down close to 2.5% at 70 cents, leaving them to wonder what might have been.
Here’s the chart.