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Aussie Outperforms Peers After Strong Jobs Report: Inside G-10
By Libby Cherry and Chikako Mogi
(Bloomberg) — The Australian dollar outperformed all its Group-of-10 peers as stronger-than-expected jobs data backed the case for the central bank to begin withdrawing monetary stimulus. Other G-10 currencies traded within narrow ranges, while a gauge of dollar strength steadied. 
Multiple funds jumped in to buy the Aussie after the data resulted in a squeeze, according to Asia-based FX traders
Westpac Banking Corp. Chief Economist Bill Evans expects the RBA to begin its rate-hike cycle in August with a 15-basis point increase, according to a research note Thursday. He had previously expected the first hike to take place in February next year
“The sharp fall in the unemployment rate is leading to more questions about the wisdom of the RBA arguing that policy rates might not rise until 2024. The market thinks they could start a lot sooner and that’s helping to lift the aussie,” said Steven Barrow, head of G-10 strategy at Standard Bank
The Norwegian krone fluctuated between gains and losses versus the dollar after the Norges Bank said it was on track to raise borrowing costs in March; Norway’s central bank kept its benchmark rate steady as expected
USD/NOK reverses losses to trade broadly flat
“The currency could remain supported by its rate advantage as well as the recently elevated energy prices,” said Credit Agricole’s Valentin Marinov. “The G10 commodity terms-of-trade/carry trade has done well so far this year in a boost to both the NOK and CAD. This could continue in the very near-term”
AUD/USD gains 0.3% to 0.7229; AUD/NZD jumps as much as 0.7% to 1.0705, the highest since July
“If we just want to trade reopening, long AUD/JPY looks very attractive. If we worry about geopolitics, short EUR/AUD looks attractive,” said Societe Generale’s Kit Juckes
The Bloomberg Dollar Spot Index steadied after falling 0.1% earlier; 10-year Treasury yields fell three basis point to 1.83%
Some information comes from FX traders familiar with the transactions who asked not to be identified because they aren’t authorized to speak publicly
You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance–With assistance from Michael G. Wilson and Masaki Kondo.
To contact the reporters on this story:
Libby Cherry in London at ocherry2@bloomberg.net;
Chikako Mogi in Tokyo at cmogi@bloomberg.net
To contact the editors responsible for this story:
Rachel Evans at revans43@bloomberg.net