Closed in NY at $0.9926, with rate correcting back from session highs of $0.9933 after the AUD had seen decent inflows through Wednesday, initially on release of strong GDP data and then via a generally boosted risk-on tone. Rate continued this correction into early local trade, the rate trading down to $0.9875 before recovering to $0.9880 into Australian jobs data release. Another strong set of data spiked rate to an eventual high of $0.9967 before upside momentum faltered. Rate pulled back to $0.9940 before picking up fresh demand into Europe, the rate edging back above $0.9960 in early trade. The higher participant level in the Australian data pushed the unemployment rate up to 5.1% from 5.0% , but the additional 39k jobs, versus expected -5k, provided the upside drive. Risk-on tone remains to the fore into Europe, though seen built on speculation for a Spanish bail-out plan and hopes for further stimulus from Fed’s Bernanke at 1400GMT. Positive outlook into early Europe but seen open to disappointment.
EasyForexNews Research Team