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Forex: AUD/USD reverses daily advance after US jobs data
The AUD/USD tumbled to fresh daily lows, reversing its intraday advance, as the greenback rose sharply on the back of a much better-than-expected US jobs report. The US economy added 236,000 new jobs in February, against 160,000 expected, while the unemployment rate fell to 7.7% from 7.9% in January.
AUD/USD dropped nearly 50 pips on the data and touched a low of 1.0229 before finding support at the 200-hour SMA. At time of writing, AUD/USD is trading around 1.0235, where it is 0.3% below its opening price.
