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AUD/USD pares earlier jobs report gains to above 0.6700
Much earlier today the latest Australian jobs report came in much better than expected. Payrolls were expected to rise by around 25k. They actually increased by 64.1k. The unemployment rate also unexpectedly fell back to 4.1% from 4.2%. The reaction in the AUD/USD was immediate and the price spiked from around 0.6660, to a high at 0.6710. It has pared that gain right now, edging back below the 100 day moving average (now at 0.6695). The AUD/USD had closed last night in the US at 0.6667. Despite rising today the outlook for the AUD/USD remains rather uncertain and it could require a more positive outlook on the Chinese economy, if the AUD/USD is to sustain this current rebound with more traction. The AUD/USD is currently trading at 0.6690
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