Currency traders appear to have focused on the uptick in the unemployment rate in this mornings jobs data, which edged higher to 5.5% due to a rise in the number of people looking for work.
As a result, the AUD has come under some pressure after breaking above US80 cents overnight.
The Aussie came off its highs earlier this morning as the USD strengthened following the release of the US Fed’s Beige Book — an update on the Fed’s view of the US economy.
And in the wake of this morning’s employment figures, a short time ago the AUD was trading below 0.7950 US cents.
Here’s the price action on a five-minute chart via Investing.com.
Greg McKenna from AxiTrader highlighted on Twitter that 0.7935 US cents is now the key support level to watch. You can follow Greg on Twitter here.
Aside from the rise in unemployment, it was another strong report for Australia’s jobs market which once again beat expectations.
The economy added another 34,700 jobs in December against a forecast rise of 15,000, resulting in a total of around 400,000 jobs added in calendar year 2017.