Australian Dollar: The Australian Dollar has managed to hang onto its recent gains and opens the new week at 0.9060. During Fridays local session, the unit consolidated around the US90 cent mark and traded in a narrow band ahead of U.S. employment data. The eagerly-awaited jobs report came in better than expected with the unemployment rate holding at 9.7 per cent as payrolls dropped by 36,000. The data prompted a spike in the Aussie to a session-high 0.9090 on optimism the global economic recovery may be gathering pace. Meanwhile, the Aussie is sharply higher against the Japanese Yen and opens at 82.00 compared to Friday’s opening level of 80.24.
- I expect a range today in the AUD/USD rate of 0.9040 to 0.9100
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