Currency Update: The AUD was up yesterday off the back of very good employment numbers

Currency Update: The AUD was up yesterday off the back of very good employment numbers. Figures for February show that employment rose by 47.3K. AUD jumped 65 points to 0.9075 against the USD before settling around the 0.9065 level over the course of the afternoon. There was some continued strength heading into the European session but a sentiment changed to a risk-off tone with concerns over the China slowdown and US retail sales. The AUD retraced back to a low of 0.9010 and is currently trading around 0.9030. Tonight markets will be looking at CPI coming out of Germany as well as PPI and University of Michigan consumer confidence in the US. Also of note are the state election in Adelaide and Tasmania. US retail sales were mixed, with the headline number for February slightly better than expected (0.3% vs. 0.2% expected)