The Australian dollar is almost one US cent lower after American jobs figures boosted the US currency.
At 12pm (AEDT) on Monday, the local currency was trading at US77.07c, down from US78.01c on Friday.
The local currency hit a low of US77.03c on Monday morning.
The
US dollar strengthened after official data showed that 295,000 US jobs
were created in February, which was better than market expectations of
235,000 positions.
The
American unemployment rate also fell to a seven-year low of 5.5 per
cent, from 5.7 per cent, giving economists another reason to believe the
Federal Reserve would raise interest rates in June.
Source: Market Spectator
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