AUD/USD: employment doesn't help
FXBAZOOKA.com - Australian dollar gave up its gains on surprisingly strong employment data. Australia employment growth was nearly 10 times size of consensus forecast (+121K vs. 15K expected). Market participants conceded that the figure could be a mistake and resumed selling the Aussie. Downbeat Chinese CPI data also added to the bearish market sentiment.
AUD/USD approached the yesterday’s lows around 0.9110 as we write. Earlier in the session the Aussie surged to 0.9215, but failed to hold at these highs.
Strategists at Credit Suisse went short on AUD/USD yesterday with a target of 0.8985 and a stop at 0.9250. Meanwhile, BNP Paribas holds a short position from 0.9345 since early September and targets 0.9050.
Chart. Daily AUD/USD