The Australian dollar held above 89 US cents and stayed firm against the Japanese yen on Friday after a recovery in stock markets helped revive some appetite for risky, higher yielding currencies. But the Aussie struggled to reach two-week highs ahead of crucial US jobs data due later in the day.
Which is expected to shed light on whether economy is headed towards a sharp slowdown. Economists expect the United States to have added 63,000 jobs in January after creating only 18,000 jobs in December.
Firm commodity prices, especially record high gold prices, have been supporting the Australian dollar in recent sessions despite huge falls in global stock markets and the related unwinding of risky positions in January. Australia is a big exporter of natural resources and firm prices help its terms of trade. The Aussie rose to $0.8952/54 from $0.8890/93 late on Thursday, having reached as high as $0.8983 offshore.
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