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Australian dollar hits near two-month high after US payrolls disappoint

The July payrolls report showed a 23K decline versus an 80K forecast, and the US Dollar Index slid as multiple major currencies gained against the greenback.

Reported · Written up by our desk · Major Pairs

FXStreet reports that AUD/USD jumped to the highest level in nearly two months, pushing past 0.7070 earlier on Friday after the release of the US Nonfarm Payrolls report.

The outlet said the move was driven by broad US dollar weakness, with the Australian dollar the biggest beneficiary among major currencies as every major currency gained versus the greenback. It also pointed to the payrolls figures themselves, with employment falling 23K in July against expectations of an 80K increase, and June revised down to 20K from 57K.

FXStreet added that the US Dollar Index was posting losses, gold rose to seven-week highs, and silver gained. It also noted USD/JPY reversed the prior session's advance and slid back below 157.00.

The story included context from Richmond Fed President Thomas Barkin, who said the data fit a labor market with more low hire and low fire, adding that while the numbers do not feel good, he is watching corporate earnings for links to jobs. It also provided technical levels for AUD/USD, including a near-term bullish bias while the pair holds above key moving averages around 0.7043 and 0.7003.

Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|USD/JPY 158.52 ▲0.6%

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