The Australian dollar has jumped after July jobs beat expectations

Photo by Pablo Blazquez Dominguez/Getty Images

The Australian dollar is back above 77 cents after the better than expected July jobs report showed the economy created more than twice the number of jobs the market had been forecasting.

The increase of 26,200 easily eclipsed the 10,000 estimate and it helped propel the AUDUSD from around 0.7760 just before the release, already 15 points higher than the New York close, to a high of 0.7718.

That’s almost a full cent off last night’s low of 0.7611.

AUDUSD 5 minute chart (MT4, AxiTrader)

Also helping the Aussie in the Asian time zone has ben the move in the Japanese yen which has strengthened against the US dollar. The greenback is losing ground across the board.

A short time ago the AUDUSD was sitting at 0.7704, USDJPY was under 100 at 99.70, and Euro had managed to rally to a 2 month high back above 1.13.

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