Aussie Dollar Underperforms Peers on Jobs Data Miss
The Australian dollar underperforms its Group of 10 peers after February employment data misses estimates. A dollar gauge declined in Asia trading after the Federal Reserve revises its growth projection for the US.
AUD/USD down 0.3% to 0.6337; the pair declined as much as 0.4% after the jobs data.
Australian employment surprisingly dropped in February, sending the currency and government bond yields lower and validating the Reserve Bank’s decision to cut interest rates.
“AUD/USD looks bearish with its recent failure to break through 0.64,” says Alvin Tan, head of Asia foreign-exchange strategy at RBC in Singapore.
With the euro rally appearing to be running out of steam, near-term direction for AUD/USD is decidedly bearish.
NZD/USD drops 0.2% to 0.5801
New Zealand’s economy exited recession at the end of 2024, posting stronger-than-expected growth in the fourth quarter
The Bloomberg Dollar Spot Index down 0.1% in Asia trading
EUR/USD up 0.1% to 1.0910
USD/JPY down 0.2% to 148.40
Note: Japan market closed on the Vernal Equinox Day
GBP/USD is little changed at 1.3005
Source: Bloomberg
