The strong US jobs report smashed the Australian dollar overnight [UPDATE]

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Lisa Maree Williams/Getty Images

The US jobs report proved its power on global currency markets overnight with a surprisingly strong number smashing 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 around 80 basis points in just minutes, and continued falling through the US trading day.

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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.