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Australian Dollar Unable to Capitalize on Upbeat Jobs Data

Australian Dollar Unable to Capitalize on Upbeat Jobs Data

Ilya Spivak,

Talking Points:

  • December's Australian Jobs Report Tops Economists' Forecasts
  • Australian Dollar Spikes Upward, Fails to See Lasting Momentum
  • Inability to Rise on Supportive News Speaks to Aussie Weakness

The Australian Dollar launched briefly higher after December's jobs data topped expectations. The announcement extended a recent string of improvements in economic news-flow relative to consensus forecasts.

The currency was unable to sustain upward momentum however, swiftly unwinding post-data gains. The Aussie's inability to engineer a meaningful advance despite supportive news-flow hints at significant underlying weakness.

--- Created by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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