AUDUSD Stays Well Supported By Positive Data; Dollar Weakness

The Australian dollar surged by over half a percent in early Asia on Thursday on the back of higher than expected economic data on the domestic front. Australian Employment Change for February surged to 116.5K, surpassing expectations of 40.0K and the previous figure of 15.3K. Unemployment rate increased 3.7%, lower than the anticipated 4.0% and the previous 4.1%. Moreover, sharp downturn in dollar overseas after Fed FOMC retained a dovish outlook also supported the Australian currency. The dollar index moved below 103 mark tracking a decline in benchmark US treasury yields at 4.2%. The Federal Reserve announced its widely expected decision to leave interest rates unchanged on Wednesday, although the central bank's forecasts suggests rate cuts are still likely later this year. AUDUSD was currently quoting at $0.6646, up 0.80% on the day.

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