The Australian Dollar edged back above the 0.75 cent handle through overnight trade on Wednesday buoyed by resurgent oil and copper prices. Despite softer than anticipated quarterly wage growth data and an intraday drop to lows below 0.7450 the Aussie found support in late afternoon trade and continued to recoup losses suffered through Tuesday as London, and New York traders entered the fray. Touching intraday highs at 0.7523, the AUD struggled to break resistance on approaches to 0.7530 as an uptick in US treasury yields capped gains.
Australian Employment change was better than the anticipated 20K, posting a 22.6K on jobs added to the economy, while unemployment rate did move up a tick from 5.5% to 5.6%. With plenty of slack still in the Jobs market, a surprise uptick in job creation and participation did help prompt a rally through 0.7530, through the European session the AUD has pulled back toward psychological support of 0.75.