AUD Surges on Weak US Jobs Report, First Negative NFP Reading in Years

The Australian Dollar (AUD) surged to its highest level in two months against the US Dollar on Friday, following the release of US Non-Farm Payrolls (NFP) data that unexpectedly turned negative.

This marked the first time in years that the NFP figure came in below expectations, with a net loss of 1,000 jobs reported. The disappointing data led to concerns about the resilience of the US labor market and reduced traders' expectations for further Federal Reserve rate hikes.

The result was a sharp decline in the US Dollar Index (DXY), which provided a tailwind for the Australian Dollar. The AUD/USD pair broke above key resistance levels, reaching its strongest point since early March at 0.6700.