6 May 2015
AUD/USD breaks above 0.8000
FXStreet (Córdoba) - AUD/USD pushed higher and broke above the 0.80 mark as the greenback weakened broadly following below expectations ADP employment figures.
The dollar fell across the board after ADP data showed the US private sector added 169,000 jobs in April, missing expectations of 200,000. AUD/USD picked up momentum and climbed to a weekly high of 0.8018 before finding resistance. At time of writing, the pair is trading at 0.8010, recording a 0.88% gain on the day.
While the US dollar remains on the back foot amid disappointing economic data, the Aussie is staging a nice recovery after the Reserve Bank of Australia meeting. On Tuesday, the RBA decided to cut rates by 25 bps to 2.00%, but weighed only temporally on the AUD as it was largely priced in.
AUD/USD has risen more than 200 pips over the last sessions since bottoming at 0.7787 as the knee-jerk reaction to the rate cut.
The dollar fell across the board after ADP data showed the US private sector added 169,000 jobs in April, missing expectations of 200,000. AUD/USD picked up momentum and climbed to a weekly high of 0.8018 before finding resistance. At time of writing, the pair is trading at 0.8010, recording a 0.88% gain on the day.
While the US dollar remains on the back foot amid disappointing economic data, the Aussie is staging a nice recovery after the Reserve Bank of Australia meeting. On Tuesday, the RBA decided to cut rates by 25 bps to 2.00%, but weighed only temporally on the AUD as it was largely priced in.
AUD/USD has risen more than 200 pips over the last sessions since bottoming at 0.7787 as the knee-jerk reaction to the rate cut.