The Australian dollar is refusing to roll over, soaring to a three-month high on the back of disappointing US economic figures.
At 7.00am (AEDT) on Friday, the local unit was trading at US73.56c, up from US73.17c on Thursday.
The Aussie surged to US73.72c overnight, supported by a weaker greenback across the board.
US factory orders and durable goods disappointed, ANZ senior manager FX Sam Tuck said.
And,
despite an improvement in the headline non-manufacturing ISM, markets
focused on the employment sub-component, which dropped into
contractionary territory.
“(The Aussie is) decidedly up and heading higher,” he said.
“But
that’s driven primarily by US dollar flows, and tonight we’ve got US
payrolls which could change things around quite dramatically.”
The
US employment report is tipped to still be a source of strength for the
economy but, Mr Tuck said, he’ll pay particularly close attention to
wages growth.
Source: businessspectator
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