Australian Dollar Retreats After Rally

The Australian dollar went down after the initial spike today. The currency rallied after the surprisingly good employment report but was unable to sustain gains. The Aussie traded below the opening level against the US dollar and the euro but hangs above the opening versus the Japanese yen.
Australian employers added as much as 42,700 jobs in November compared to the previous month’s increase of 15,200. Still, the unemployment rate ticked up by 0.1 percentage point to 6.3 percent.
The positive data alleviated concerns about a potential interest rate cut that were plaguing the Aussie earlier. As a result, the currency rallied after the report. Yet the upward momentum was not particularly strong, and the Australian dollar retreated as of now.
AUD/USD traded at 0.8304 as of 9:01 GMT today after the earlier rally from 0.8315 to 0.8375. EUR/AUD dropped from 1.4966 to 1.4908 before trading at 1.4989. AUD/JPY was up from 97.96 to 98.18 while its daily high was at 98.69.

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