The Australian dollar is taking a beating on the US jobs data, which was much stronger than expected.
This is good for the Australian economy, which is struggling to make exports competitive following a huge China-driven mining boom.
Via FinViz, here’s the chart:
About 45 minutes after the US data the Aussie had fallen a full cent against the dollar. It was recently trading at 0.7612 and falling.
It’s good news for the US, and the rally in the greenback is also helpful to Australia as it transitions away from resources-led growth to growth in other exports like tourism and education.