Corporate foreign exchange news

Aussie jobs data sends US dollar down in foreign exchange trading

Thursday, 08 October 2009 10:53:45 GMT

The US dollar fell during Asian trading on Thursday (October 8th) after the latest jobs data from Australia proved unexpectedly bullish.
Analysts polled by Reuters anticipated that the number of jobs available in the country fell in September, but official figures indicated that 40,600 new positions became available during the month.
The data prompted a strong rally in the Australian dollar, taking the high-yielder to a fresh 14-month high against the euro.
In a policy statement earlier this week, Reserve Bank of Australia governor expressed his confidence in the prospects for prompt economic recovery and announced the first cash rate hike since the onset of the financial crisis.
The New Zealand dollar also moved higher during trading this morning as foreign exchange brokers moved out of safe-haven stocks such as the greenback and the yen in search of stronger yields.
Speaking to Reuters anonymously, a senior trader at a European bank said that both currencies will continue to move gradually lower.ADNFCR-2522-ID-19398687-ADNFCR
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