Aussie pares gains vs greenback after jobs data-fueled rally

ForexNewsNow | Published on July 8, 2010 at 12:19 pm

NEW YORK (Forex News Now) – The Australian dollar pared gains versus its U.S. counterpart on Thursday, after surging to a 2-week high as FX traders’ risk appetite sharpened on upbeat Australian and U.S. jobs data.

In U.S. afternoon currency trading, AUD/USD traded at 0.8735, up 1.05 percent on the day, after pulling back slightly from 0.8791, the currency pair’s highest since June 22.

U.S. Labor Department data showed earlier that the number of workers filing new claims for unemployment benefits last week fell at a faster rate than forecast last week.

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According to forex analysis, AUD/USD is likely to touch immediate support around the low of June 17, 0.8582, and encounter resistance around the high of June 21, 0.8859.

Also Thursday, official data showed that the number of Australians employed rose 45,900 in June. The country’s unemployment rate came in at a lower-than-forecast 5.1% in June from 5.1% in May, revised down from an earlier estimate of 5.2%, Australia’s statistics bureau said.

The Aussie also shot up versus the Aussie on Thursday: AUD/JPY traded at 77.06, up a massive 1.66 percent on the day.

 

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