The Australian dollar climbed above 0.7070 as weaker-than-expected US nonfarm payrolls data weighed on the USD.
The AUD/USD pair reached its highest level in nearly two months, trading above 0.7070 on Friday. The move followed the release of US nonfarm payrolls data, which fell short of expectations and turned negative for the first time in recent months.
Prior to the report, the pair had traded in a narrower range, with market consensus anticipating stronger US employment figures. The disappointing jobs data contrasted with earlier economic indicators, which had suggested resilience in the US labor market.
The Australian dollar benefited from the USD’s weakness, extending gains as traders reassessed the outlook for US interest rates.