By Ashley Smith – The Australian Dollar recovered from yesterday’s losses, gaining against all of its 16 major counterparts and rising toward an 8 week high against the USD ahead of the Unemployment data due to be released tomorrow at 0:30 GMT. The report is expected to show that employers have added jobs for the 4th consecutive month. Economists expect 10,000 jobs were added the previous month.
The AUD rose 0.5% to 92.57 U.S. cents from 92.00 cents yesterday in New York, when it fell 1%. The Aussie advanced 0.7% against the Yen to currently trade at 84.47 after dropping 2.2% yesterday.
It appears that the fundamentals supporting the Aussie’s growth remain strong, as positive economic data continues to be published even as the Central Bank continues to raise interest rates. Long term trend for the AUD continues to remain optimistic.
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