AUDUSD Surges Strongly After ABS Jobs Report, Trump Dumps Dollar

The Australian dollar rose strongly versus its American counterpart in Asian trading hours on Thursday after the Australian Bureau of Statistics reported the country’s jobs report for March that beat forecast. Meanwhile, the greenback has been losing its steam following U.S. President Donald Trump’s comments over the current strength of the currency.

The pair surged as high as 0.75700 – the highest level in more than a week as ABS’s report showed domestic employment increased by a massive 60,900 last month, which easily surpassed an expectation calling for a rise of 20,000. February’s figure was also revised higher to show an increase of 2,800 after having been previously reported as a drop of 6,400.

The rally in employment in March sent the total data to 12.06 million, the highest level on record. On a yearly basis, employment grew by 146,000, or 1.22%, marking the fastest percentage increase since September last year.

The U.S. dollar, however, slumped broadly versus most of its peers after Trump told the Wall Street Journal that the dollar “is getting too strong”. The President stated that the Federal Reserve should keep interest rates low.

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