AUD/USD rebounds from weekly lows back to 0.6670 after US jobs report
|- US Nonfarm Payrolls rise by 236K in March, near consensus.
- US Unemployment Rate drops to 3.5%; Labor Participation Force rises to 62.6%.
- US Dollar rises after the report, but fails to hold to most gains.
After the release of the March US employment report the US Dollar rose across the board, sending AUD/USD to 0.6639, the lowest level since March 27. The move was short-lived, and the pair is moving back toward where it was before the report near 0.6675. Overall, the reaction has been limited amid tight volume.
A not negative jobs report
The US Labor Department's jobs report showed Nonfarm Payrolls increased by 236K in March, near the 240K of markets consensus. The Unemployment Rate fell from 3.6% to 3.5%. Average hourly earnings rose by 0.3% MoM, matching consensus.
Numbers did not show a negative surprise which was somewhat likely considering the latest economic reports that pointed to a softer labor market. March's NFP showed a slowdown in the pace of hiring, but still solid numbers.
It is a quiet session, with many markets closed due to Good Friday. The reaction has been limited. US yields spike higher but then pulled back a bit. The US 10-year climbed to 3.38% and then pulled back to 3.34%, while the 2-year stands at 3.92%. Higher Treasury yields boosted the US Dollar. The DXY is above 102.00, while Wall Street futures are in positive ground.
The AUD/USD is hovering around 0.6670, about to end the week, and also unchanged for Friday after recovering from NFP losses.
Technical levels
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