Home > All > Forex Asia Review – Aussie jumps after jobs data
Posted on April 12, 2012 by Trading Point Investment Research Desk at 6:04 am GMT
Aussie surged against the dollar after an expectedly strong jobs report, which raised speculation that the RBA is now unlikely to cut interest rates in its next policy meeting. AUDUSD jumped from 1.0303 to hit a one week high of 1.0383. 44,000 jobs were added in March, more than the 6,400 forecast. Also this was a huge jump from the drop of 15,400 jobs in February.
USDJPY was little changed in the Asian session, stuck in a 80.81 – 81.05 range, but remaining off a six week low reached on Wednesday. The safe haven yen had strengthened earlier this week on renewed euro zone debt worries. These concerns have eased a bit and risk appetite improved. EURJPY opened in Asia at 105.97 and edged up to 106.31.
Euro remains resilient, trading above $1.31. The single currency was given a lift after European Central Bank Executive Board member Benoit Coeure said on Wednesday that the ECB bond-buying programme (SMP) remains an option to reduce Spain’s borrowing. This helped calm market fears after Spanish bond yields hit near 6 percent earlier this week. They have eased slightly. EURUSD rose to a high of 1.3138 from the Asian session open level of 1.3107.
GBPUSD continues to meet strong resistance at 1.5930. The Asian session saw cable edge up from 1.5903 to 1.5929 due to improved risk appetite and a weaker dollar. UK Trade balance data due later are key to giving direction to sterling.
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