THE Australian dollar fell after the release of some good US employment data and the minutes of the Federal Reserve's December policy meeting.AEDT the local unit was trading at 89.07 US cents, down from 89.25 cents at yesterday's close.A report from payrolls firm ADP showed that US private-sector job growth surged in December, topping November for the strongest pace of the year with 238,000 jobs added.
Early this morning the minutes of the US Federal Reserve December policy meeting showed that most members were optimistic about the US economic recovery.
OM Financial senior client adviser Stuart Ive said the Australian dollar fell as the greenback strengthened against most of the major currencies.
"The first downward move came after the ADP employment data from the US, that data was a lot stronger than expected," he said. "It raises expectation that the Fed is going to continue cutting back on the economic stimulus.
"There was a bit of a fall as the US dollar strengthened, then equally we had another bit of a fall after the Fed minutes were released.
"They showed a bit more of an upbeat outlook from the Fed, that the economy is still marching along.
"I think we're looking at a stronger US dollar overall, it's not really an Australian dollar story today."
Early this morning the minutes of the US Federal Reserve December policy meeting showed that most members were optimistic about the US economic recovery.
OM Financial senior client adviser Stuart Ive said the Australian dollar fell as the greenback strengthened against most of the major currencies.
"The first downward move came after the ADP employment data from the US, that data was a lot stronger than expected," he said. "It raises expectation that the Fed is going to continue cutting back on the economic stimulus.
"There was a bit of a fall as the US dollar strengthened, then equally we had another bit of a fall after the Fed minutes were released.
"They showed a bit more of an upbeat outlook from the Fed, that the economy is still marching along.
"I think we're looking at a stronger US dollar overall, it's not really an Australian dollar story today."
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