The Australian dollar bounced today after touching the lowest level in more than four years against its US counterpart. Australia’s employment data released during the current trading session was rather positive and contributed for the Aussie’s bounce.
Australian employment grew by 24,100 jobs in October, a bit more than was anticipated by analysts. The unemployment rate remained stable at 6.2 percent. The currency rebounded from its lows with the help of the good data but remained under pressure as the market sentiment still favors the US dollar over other currencies.
AUD/USD rose from 0.8593 to 0.8614 as of 10:48 GMT today after touching 0.8553 — the lowest rate since July 2010. AUD/JPY bounced to 98.65 following the drop from 98.53 to 98.05.
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