by Damian -
Foreign Exchange Traders were buying Australian Dollars today after much better than expected Jobs numbers.
The jobs numbers caught forex traders by surprise (including myself) after rising 3 times more than expected and as a result the Australian Dollar to US dollar is now expected to head back above 0.9100 in the coming days.
Currently it is trading 0.9079 against the US dollar, 1.8380 against the pound and 1.5360 against the euro exchange rate.
The big move was in Australian full time employment figures that rose by 80,500 – the biggest job growth since 1991 and the second largest rise on record.
Had it not been for very poor data from China I would have expected to see the Australian Dollar exchange rate even higher today as China is the biggest trading partner of Australia.