AUD/USD shorts, and there are plenty of these in the market, are getting squeezed again after stronger than expected jobs data for the Australian economy.
The AUD has jumped across the board but its the USD longs which are feeling the most pain right now, after a 100 pip rally. The data was decent, with the unemployment rate at 6.1% rather than 6.3%, but the over reaction in the spot FX market is more of a reflection on overall market positioning rather than bullishness surrounding the Australian economy.
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