Gold spikes after US NFP report; AUD/USD climbs above 0.9200

By @ibtimes on

FXstreet.com (Barcelona) - Gold and Aussie has climbed against the Dollar today's American session after after the US worst than expected US employment report. The AUD has jumped around 100 pips from 0.9130 to break MA55 periods in hourly chart at 0.9175 and reach intra-day high at 0.9230.

Currently the pair is trading around 0.9200/10, 0.45% above today's opening price action at 0.9173.

Gold has climbed too after US employment report, the yellow metal has risen from $1,119/oz ahead the NFP release to break MA55 hourly chart at $1,129/oz and reach daily high at $1,139/oz. Currently the XAU/USD is trading around $1,134/oz, rising 1.0% so far today from opening price action at $1,126/oz.

Andrew Wilkinson, analyst at Interactive Brokers, comments: The Aussie remained near multi-month highs against various currencies having built a head of steam earlier in the week. The growing body of evidence that the global economy will provide support for commodity demand directly impacts resource-rich Australian. The rude health of its own economy was exemplified earlier this week when a strong retail sales report sent the Aussie higher on the combination of rising interest rate expectations and resource demand. Recent Chinese demand for major Australian exports of iron ore and coal has seen prices of those materials surge, underpinning the value of the local dollar. Heading into the key U.S. report today, the Aussie was trading lower at 91.45 U.S. cents. The Aussie moved like a shooting star after the data to stand at 92.08 U.S. cents and so reversed the intraday sentiment. The shift of emphasis firmly away from any change out of the Fed leaves the Aussie with blistering demand for its commodities looking a better proposition.

The US nonfarm payrolls for December fell by 85,000, demonstrating that sustained job growth remains elusive for the world's largest economy. This result reverses two months of good news from the American labor market and is well behind the markets expectations of a more marginal loss in the range of 2,000 positions.

The Bureau of Labor Statistics of the US Department of Labor also revised up the figures for November to 4,000 jobs created compared to the 11,000 jobs lost originally reported, making it the first month of job growth since December, 2007. With the fall of last month, the US unemployment rate remained steady at 10.0%.

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