May 1, 2013
Forex: AUD/USD falls 100 pips and erases weekly gains, at 1.0282
The AUD/USD is plunging since the publication of US weak ADP employment, from 1.0350, and as went as low as 1.0275 low, falling by 100 pips on the day. The cross is currently trading at 1.0282, Friday’s close, which means it has fully retraced this week’s gains. The US ADP employment report came in lower than expected, at 119K in April instead of the 150K expected, also with the March figure being revised lower from 158K to 131K. Investors will now be eyeing the FOMC meeting.
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