Forex – Dollar Drops; Aussie Rallies On Strong Job Data

© Reuters. The dollar slipped against the other major currencies in Asia on Thursday morning –  The dollar slipped against the other major currencies in Asia on Thursday morning after climbing to this year’s high overnight. Australia’s strong employment data was in the focus in the morning, feeding the momentum for the Aussie.

The that tracks the greenback against a basket of six major currencies last stood at 93.06, down 0.21% at 11:16AM ET (03:16 GMT). 

Boosted by the better-than-expected building permits released on Wednesday evening, the greenback reached 93.50 overnight – a fresh new high for this year. A key indicator of demand in the housing market, came in 1.352 million, beating the estimated 1.347 million. A report by the Federal Reserve on Wednesday also showed in the U.S. rose 0.7%, more than anticipated in April.

The pair slid 0.20% to 110.17. The pair came to a new high since early February this year, trading above the 110 level.

The pair added 0.36% at 0.7542. The Australian Bureau of Statistics data showed 22,600 were added in April, beating the consensus estimate of 20,000 job additions. The 32,700 rise in drove the job growth higher, providing support for the Aussie.

In China, the People’s Bank of China set the set the reference rate for the yuan against the dollar, the mid-point from which the currency is allowed to trade, at 6.3679 versus the previous day’s 6.3745. The pair dipped 0.18% to trade at 6.3599.

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