AUD/USD (current price: 0.7518)
The Australian Employment Report provided mixed signals regarding the local labor market, as official payrolls declined by -3,900, while the Unemployment Rate ticked down to 5.6%, although economists expected a rate of 5.7%. The Aussie gained ground on the USD following the mixed releases, as the improved global sentiment and the slightly negative U.S. indicators pushed the pair higher, and the consolidation in the price of oil also removed the downward pressure off the currency.
Our assessment: AUD/USD bounced higher from the crucial 0.7450 level, while the 0.75 line also has some significance. The bounce might continue today although the price of oil could turn the short-term trend around.
