The Australian dollar is lower as the latest US jobs report breezed past expectations

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The Australian dollar has opened the new week just above the US 79 cent level, falling modestly on Friday following the release of a strong US non-farm payrolls report for July.

Here’s the scoreboard as at 7.20am AEST.

AUD/USD 0.7921 , -0.0001 , -0.01%
AUD/JPY 87.71 , 0.12 , 0.14%
AUD/CNH 5.3344 , 0.0042 , 0.08%
AUD/EUR 0.6725 , 0.0004 , 0.06%
AUD/GBP 0.6072 , 0.0003 , 0.05%
AUD/NZD 1.0694 , 0.0015 , 0.14%
AUD/CAD 1.0021 , -0.0004 , -0.04%

As seen in the hourly chart below, the AUD/USD fell in the immediate aftermath of US payrolls release on Friday, sliding from .7975 to as low as .7888 before crawling higher into the close.

Payrolls growth, average hourly earnings and unemployment all met or exceeded market expectations, providing a short-term reprieve for the US dollar following months of selling pressure.

While the Aussie fell against the greenback, it outperformed against most major crosses for the session, boosted by further evidence that the global economy is strengthening along with another surge in iron ore spot markets.

AUD/USD Hourly Chart

After a hectic end to the week the data calendar slows sharply on Monday, hinting that a period of consolidation across currency markets may ensue today.

Domestically, markets will receive the latest Performance of Construction Index (PCI) from the Ai Group at 9.30am AEST along with ANZ job ads for July at 11.30am AEST.

Outside of Australia, the highlights today include German industrial output, Halifax house price index in the UK, Eurozone business sentiment along with consumer credit and the Federal Reserve’s labour market conditions index in the US.

On the central bank front, Fed members James Bullard and Neel Kashkari are also scheduled to speak during the session.

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