The Australian dollar just ripped back above US73c briefly following ugly US non-farm payrolls data.
The US data showed just 38,000 jobs added last month, far below economists’ expectations of 160,000 and leading currency and bond markets to reprice the likelihood of the US Federal Reserve lifting interest rates.
The lower Australian dollar is a crucial factor in Australia’s economy as the nation relies increasingly on tourism and other services exports in managing its current transition following the collapse in mining investment triggered by slower Chinese economic growth.
Via FinViz, here’s the chart showing the spike when the data was released.
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