The Australian dollar picked up today, erasing its previous losses, after the employment data came out better than expected, easing concern about economic slowdown in Australia.
Australian employers added 10,400 jobs in January from December, when employment fell by 3,800. Much smaller growth by 5,800 was expected by specialists. On top of that, the unemployment rate stayed at 5.4 percent even though it was expected to tick up to 5.5 percent. The Aussie is still in danger from the potential interest rate cut, but at least that pressure was alleviated to some degree.
AUD/USD rose from 1.0317 to 1.0327 as of 11:30 GMT today after falling to 1.0295. AUD/JPY advanced from 96.57 to 96.91, erasing the earlier drop to 96.14.
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