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AUD/USD update (8th July 2010, 12:30)

The Aussie dollar rallied over 1% against the US dollar today on an impressive jobs report.

The figures showed the Australian economy adding over 45,000 jobs in June, confounding analysts who were forecasting a rise of only 15,000. The rise keeps unemployment at 5.1%, and revives talk of an interest rate increase in the coming months. The Aussie also benefited from the general rally in stocks overnight, with the US surging thanks to a report from State Street as well as indications that US shopping centre sales had risen at their fastest pace in four years. An increase in the IMF's global growth forecasts has also benefitted AUD/USD today. However, BNP Paribas warned that the currency could still see a retreat if China's upcoming retail sales and industrial production data prove to be a disappointment. According to Reuters, the next resistance level for AUD/USD is $0.8780, an area where stop-losses are concentrated.

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AUD/USD update (8th July 2010, 12:30)

The Aussie dollar rallied over 1% against the US dollar today on an impressive jobs report.

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