AUD/USD now up 33 pips on the day
A final flush in stocks came early today and stocks have been adding to gains. That's put a big into the Australian dollar as carry trades come back into fashion.
In Asia-Pacific trading the Australian jobs report beat estimates for the third consecutive month. The economy lost just 1.0K jobs compared to -10.0K expected. The losses were all in the part-time space while the economy added 17.6K full time jobs and the unemployment rate held steady at 5.8%.
The data was largely brushed aside by the market at the time with the focus on China and global market fears but as sentiment improves, it could get a second long.
What's impressive
It's been a wretched year for the Australian dollar, no doubt. But despite the 400 pip drop since New Year's Day, the September lows are holding.
It's early but if 69-cents can hold, that would leave a somewhat convincing double-bottom on the chart. I think market fears may have gotten a bit ahead of themselves at the moment and I like the opportunity for a bounce to 0.7100 from here.
