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Dollar surges ahead

 

dollarThe Australian dollar has surged more than one US cent higher on the back of disappointing US employment data.

At 0700 AEDT on Monday, the local currency was trading at 86.63 US cents, up from 85.53 cents on Friday.

The US dollar fell against all major currencies after non-farm payrolls disappointed analyst expectations.

The US economy added 214,000 jobs in October, compared to forecasts of 235,000.

BK Asset Management MD, Kathy Lien, said that although the miss was small, analysts had set high hopes for the data after the US Federal Reserve sounded more upbeat about the labour market at its last meeting.

“When the Fed upgraded its assessment of the labour market, they set expectations for a very strong non-farm payrolls report and unfortunately Friday’s jobs number failed to impress, sending the dollar lower against all of the major currencies,” Lien said.

“The unemployment rate dropped to 5.8 per cent from 5.9 per cent but the US economy added only 214,000 jobs compared to a forecast for 235,000.”

AAP

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