The Australian dollar gained against its US peer today, but it was a result of the greenback’s weakness not the strength of the Aussie. As an evidence of this, the Australian currency dropped versus the Japanese yen.
Australian employment shrank by 12,200 January from December, more than two times the predicted fall by 4,700. What is more, the unemployment rate climbed from 6.1 percent to 6.4 percent, topping expectations. The Australian dollar dropped after the abysmal employment report but managed to reverse losses versus the US dollar later. The Aussie retained its decline versus the yen, though it also bounced off the day’s lows.
AUD/USD rallied from 0.7712 to 0.7758 as of 17:15 GMT today after falling to 0.7642 earlier. AUD/JPY dropped from 92.89 to 92.11 but rebounded from the daily low of 91.26.
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