Forex Flash: Upside Down Under - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that this week's action continues to be dominated by the Antipodeans.

They cite strong employment data from both Australia and New Zealand has seen both of their respective dollars recover smartly. Australia reported 50.1k job growth, almost five times more than the consensus expected and mostly (34.5k) full-time positions. Further, the unemployment rate slipped to 5.5%. They write, “The Australian dollar rose nearly a cent from session lows as the market quickly re-assessed the odds of a follow up rate cut in June that some observers had forecast. Aussie gains ran out of steam in front of $1.0260, the 50% retracement of the recent leg down that began at the end of last week near $1.0325. A 3-day base has been built now near $1.0155.”