AUD/USD remains on the back foot with the August employment report dipping into the negative -3.9k for the first time since February. The Unemployment Rate ticked lower to 5.6% vs 5.7% and this allowed the AUD/USD to bounce after the initial drop to 0.7450.
The internals of the numbers were positive with +11k fulltime jobs and -15k part time jobs. This reverses some of the fulltime jobs losses seen in July and also helped the AUD/USD not fall sharply on the headline numbers.
The negativity towards high yielding currencies as the bond market selloff continues is likely to further pressure the AUD and NZD against most pairs in the coming days.
OIL/USD fell further to $44 after the weekly US crude Oil inventories showed a large build in distillate’s and only small draw in Oil inventories.
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