The Australian Dollar Rises Above 74 United States Cents – 5 June 2017








The Australian Dollar have recorded a solid increase against the United States of America currency as it is comfortably back above the US 74¢ after a disappointing US jobs report hurt the greenback. As at Monday 06:35 AEST, the Australian Dollar worth exactly US 74¢ which was an increase against the US 73.90¢ value it has on Friday.

Also read: Dollar to Naira Exchange Rate Today (Black Market and CBN) June 2017

Imdre Speizer from Westpac said that Unites States Dollar index fell 0.5% on Friday, while the Australian Dollar had risen from US 73.75¢ to US 74.47¢.

The Australian Dollar Rises Above 74 United States Cents - 5 June 2017

The trigger that catalyses this change was the US jobs data

Imdre Speizer said in a Monday morning note and i quote:

US non-farm payrolls rose by 138,000 in May (vs 182,000 expected), a weak reading accentuated by an outsized – 66,000 revision to the previous two months,

The three-month average pace of jobs growth now sits at a meagre +121,000, down from +200,000k as recently as February, and the weakest pace since August 2012.

The figures had prompted one US Federal Reserve official to cut the second-quarter gross domestic growth estimate from 4 per cent to 3 per cent.

Also read: Euro to Naira Exchange Rate Today (Black Market and CBN) June 2017

This weaker update will not derail a 14 June Fed hike but it will certainly give those like Brainard who have started to fret about recent low inflation readings some added ammunition,”

Mr Speizer said.

The Australian Dollar would reap some benefit on Monday,

he said,

helped by Friday’s fall in the US dollar (jobs data response), and likely contained by 0.7400-0.7500.

However, the Australian dollar, is still sharply lower against the Chinese Yen, but there is hardly no observable change against the Euro.



About Chibuzor Aguwa 75 Articles
Chibuzor Aguwa is an Article Writer, ICT Specialist and an Online Entrepreneur. Like the saying does "All work and no play makes Jack a dull boy", some of my hobbies are listening to inspirational songs and watching football. A big fan of Manchester United Football Club.

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