AUD/USD reversed sharply from above 0.7700 for the 5th time in 4 months with this time the catalyst being the weak September Jobs numbers. The September employment change at -10k vs. 15k forecast has taken the wind out of the recent rally and the USD is on the front foot market wide as the EUR/USD slumped.
EUR/USD Slumped after ECB President Draghi came across as dovish even though he didn’t specifically extend the QE program. Draghi delayed QE announcement as he looks for updated staff projections for the 2017 economic outlook.
He did say that the ECB will preserve a substantial amount of monetary support however and this was repeated enough in the Q&A to get EUR/USD selling to new cycle lows at 1.0915.