Forex Asia News – Australian dollar rises after strong jobs data

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Forex News: Australian Dollar holds steady after Greek NewsThe Australian dollar extended gains into the Asian session to hit a new three-week high after Australia reported that unemployment fell to 5.2 percent from a 10-month high of 5.3 percent beating expectations, and also 20,400 jobs were created in September, more than double the forecasts. AUDUSD opened in Asia at 1.0152 and climbed to a session high of 1.0231. The aussie eased slightly after weak Chinese trade data. China is a major trading partner for Australia.


EURUSD retreated from its four-week high to take a pause from a vigorous rally the previous day when it gained 250 pips. Investors took the opportunity to take profits and unwound some long positions, although there is still a chance of euro gaining further ahead of the EU summit on October 23 when EU leaders are expected to unveil plans to tackle the debt crisis and recapitalize banks. EURUSD consolidated in the Asian session above 1.3766.


GBPUSD opened in Asia at 1.5751 after pulling back from a-one month high of 1.5797 in the previous US session. Cable remained range bound most of the session. EURGBP was also little changed in the session and consolidated after a sharp rise yesterday, hovering around the 0.8754 open level.


Against the yen, the euro dipped to 106.12 yen after retreating from a one-month high of 107.04 yen hit in the previous session. The Japanese currency also edged higher against the dollar, which fell 77.01 versus the New York session high of 77.47 USDJPY was sold on profit-taking. The yen fell against the Australian dollar, which jumped after data showed Australian employment rose. AUDJPY jumped from 78.13 to 78.90.


USDCHF bounced off its three-week low of 0.8917 to retrace higher to 0.8982 and settled. EURCHF rallied in Asia from 1.2339 to 1.2376.