When a currency can’t fall on bad news then you know that something is up!
The Australian jobs data was pretty ordinary. Granted that last month’s data was suspiciously good and this latest version may simply have been some evening out in what is a new reporting methodology, but the number was still pretty ordinary.
Despite this the AUD/USD has bounced straight back up to opening levels which tells us either that the market doesn’t care or that it has stopped falling and will now start rising. If the latter is the case, we could get some nasty top-side clean-outs in coming sessions.