The Australian dollar climbed on Monday following a solid US jobs data and before the release of a domestic economic report.
According to official data, the US economy added 223,000 new jobs in April, while unemployment rate dropped to 5.4%, its weakest since May 2008.
The Aussie stood at 70.80 euro cents from Friday’s 70.66 euro cents, and 79.29 US cents from 79.11 US cents.
The currency’s major drivers include nonfarm payrolls, but the market decided to concentrate on somewhat vital “downward revision to the previous month and also the fact that wage growth was quite weak,” said Raiko Shareef, Currency Strategist at Bank of New Zealand.
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