AUD Surges Amid Strong Chinese Support Despite Weak US Payrolls

The Australian Dollar (AUD) has strengthened against the US Dollar (USD), rising to around 0.7205 in early Asian trading on Monday.

This move comes despite a strong Nonfarm Payrolls (NFP) report from the US, which saw 162,000 jobs added in August, beating market expectations of 56,000.

The upbeat employment data had been seen as potentially limiting the Greenback's losses, but the AUD has instead maintained its bullish bias.

This is partly due to China's Finance Ministry leading a $54 billion capital injection into state-owned insurers and banks, which has provided support for the AUD as it is heavily influenced by the Chinese economy, Australia's largest trading partner.