Today’s big miss on Australian employment has sent the Aussie dollar off a cliff. It’s fallen 60bps against the US dollar, through the 77c mark.
It’s currently at 0.7658. The level traders will be watching for is 0.7625.
The official data showed Australia losing 12,200 in January. The market had expected a small 5,000 jobs added.
The unemployment rate ripped up to 6.4% from 6.1% the previous month.