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AUD/USD ascent halts after disappointing jobs report

Australia saw a loss of 6.4K jobs in February, significantly worse than a gain of 16.3K expected and after a rise of 13.5K in January. The shortfall was compounded by an increase in the unemployment rate: from 5.7% to 5.9%.

Not all the details are terrible: full-time jobs were gained while part-time positions were lost.  The participation rate was left unchanged at 64.6%.

AUD/USD was on a tear, rising on the backdrop of the Fed’s “dovish hike“. The Federal Reserve  raised interest rates as expected but did not alter any part of the outlook. See: 5 reasons why the dollar fell on the hike.

Aussie/USD advanced from the 0.75 to 0.7610 level to above 0.7610 and began challenging the next line of resistance at 0.77. The peak was 0.7715 and the pair seemed poised to reach the 0.7740 level.

However, this disappointing jobs report from the land down under curbed the enthusiasm and sent the pair back under 0.77.

More:  AUD: ‘More Confidence’ Next Move Is Up But No Change In Rhetoric This Week – BofA Merrill

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.