The Aussie dollar entered European trade under pressure after a poor day in Asia where it broke below its six-month range and the important 200-day moving average that many traders watch.
It traded down to a low of 0.9110, its lowest level since March 24 this year. But the buyers entered the fray, buying Aussie dollars and British pounds higher. Westpac New Zealand economist Imre Spitzer characterised the Aussie rally as a tough slog, saying it had “spent much of the overnight session grinding” higher.
The Aussie is still relatively weak at 0.9157 against recent levels but with the market expecting a relatively positive 15,000 increase in employment, to be released at 11.30am, buyers haven’t entirely abandoned it.
Of course, this elevates employment to a level of importance even higher than usual.
We’ll have full coverage here at Business Insider at 11.30am.