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US jobs shock on Friday hits USD; Positive for AUD, CAD, EUR, GBP

Friday was a volatile day in currency markets after a much weaker than expected US jobs report was released.

Posted May 10, 2021

Markets had expected at least 1 million jobs to be created in April however it was announced that US employers hired only 266,000 new workers.

The USD gains of early May quickly vanished with the US Index index dropping back near 90.

The jobs number miss puts on pause near-term worries of the central bank moving forward the lifting interest rates.

The perception of continued low US interest rates makes holding other currencies relatively more attractive than USD.

So as the greenback was punished, the Australian dollar leapt 0.8 per cent to US78.44¢.

Canada’s loonie rallied to a fresh 3-year high of $1.2111.

The euro and sterling also recorded 0.8 per cent advances against the US dollar.

Below are the 1-Day moves and trends for the most popular currencies on Best Exchange Rates vs the US Dollar on Friday after the US new jobs report:

Australian dollar (AUD)

AUDUSD ChartAUDUSD: 0.7844 1D▲+0.8% 60D▲HIGH 1.5% above 90-day average. AUD/USD Rate Guide

 

British pound (GBP)

GBPUSD ChartGBPUSD: 1.3985 1D▲+0.7% 30D▲HIGH 0.8% above 90-day average. GBP/USD Rate Guide

 

Canadian dollar (CAD)

CADUSD ChartCADUSD: 0.8240 3Y▲HIGH 3.3% above 90-day average. CAD/USD Rate Guide

 

Euro (EUR)

EURUSD ChartEURUSD: 1.2163 1D▲+0.8% 60D▲HIGH 1.5% above 90-day average. EUR/USD Rate Guide

 

New Zealand dollar (NZD)

NZDUSD ChartNZDUSD: 0.7279 1D▲+0.7% 60D▲HIGH 1.5% above 90-day average. NZD/USD Rate Guide

 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.