The Euro softened against the Australian Dollar on Friday after the Oceanic currency received support from the worse than expected nonfarm payrolls data in the US.
The ‘Aussie’ climbed after the US report showed that the number of new jobs created in the USA rose by 74,000 in December, well below economist predictions for a rise of 197,000. The figure was also well below the previous months revised figure of a rise of 241,000.
The U.S. private sector added 87,000 jobs last month, disappointing expectations for 195,000 rise, after an upwardly increase of 226,000 in November.
The worse than expected figures reduced speculation that the Federal Reserve will implement further cuts to its monetary easing programme. As a result commodity and emerging market currencies strengthened as a continuation of tapering supports higher yielding assets.
Earlier in Friday’s session the ‘Aussie’ found support from the release of Chinese data which showed that imports into the world’s second largest economy grew by 8.3%. China is Australia’s biggest trading partner so any increase in imports suggests that more Australian goods were exported. News that China has now surpassed the US as the world’s largest trading nation also provided support.
Against the Canadian Dollar the Euro gained significantly as the North American nation posted disappointing employment data. According to a report, Canada’s unemployment rate climbed by 7.2% in December, up from the 6.9% recorded in the previous month.
Euro (EUR) Exchange Rates
As of 15:00 pm GMT
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,,Swiss Franc,1.2328 ,
Euro,,Japanese Yen,142.4708 ,
Pound Sterling,,Euro Dollar,1.2064 ,
New Zealand Dollar,,Euro,0.6060 ,
Canadian Dollar,,Euro,6699 ,