AUD/USD spiked above 0.7400 to hit a fresh 7-month high as the knee-jerk reaction to the US nonfarm payrolls report. Data showed US economy added 242,000 new jobs in February, beating expectations of 190,000. Meanwhile, the unemployment rate stood unchanged at 4.9% as expected. AUD/USD reached its highest level since early August at 0.7413 but quickly returned to pre-data levels as USD strength outpaced risk appetite. At time of writing, AUD/USD is trading at 0.7375, still up 0.34% on the day. For more information, read our latest forex news.