Australian dollar climbs back above US77c

The Aussie dollar has made further gains against the greenback ahead of today’s unemployment figures.

The Australian dollar has made further gains against the US dollar, passing the US77 cent barrier.

At 7am (AEDT), the local unit was trading at US77.18 cents, up from US76.76 cents yesterday.

Pro-risk currencies including the Australian dollar got a lift overnight following a jump in oil prices.

Westpac senior market strategist Imre Speizer said, while the mid-August high of 77.50 cents was the next target for the Aussie dollar, today’s jobs report presents a major risk event for the trend.

The Australian Bureau of Statistics will release labour force data for September at 11.30am (AEDT). The unemployment rate is expected to edge up higher to 5.7 per cent, while the market is expecting an increase in jobs by around 15,000.

“While further gains to around US77 cents are possible during the month ahead, driven in part by the faltering US dollar and yield-chasing flows, the Australian dollar is losing energy,” Mr Speizer said in a note.

AAP