AUD/NZD hits two-week top, above mid-1.1000s on stellar Aussie jobs data

• AUD/NZD attracts buyers for the fourth straight day and climbs to a two-week high. 
• The upbeat Aussie jobs data tempers bets for an early RBA rate cut and lifts the AUD.
• Expectations for a more aggressive RBNZ easing contribute to the strong move up.

The AUD/NZD cross builds on this week's goodish rebound from the 1.0930 area, or its lowest level since early October and gains positive traction for the fourth successive day on Thursday. The buying interest picks up pace following the release of the upbeat Australian employment details and lifts spot prices to over a two-week high, around the 1.1060 area in the last hour.

The official data released by the Australian Bureau of Statistics (ABS) showed that the Unemployment Rate dropped to 3.9% in November, beating estimates for an uptick to 4.2% from 4.1% in the previous month. Additional details revealed that the number of employed people rose more than expected, by 35.6K during the reported month on the back of a solid jump in full-time jobs. The report forces investors to temper their expectations for a February rate cut by the Reserve Bank of Australia (RBA) and boosts the Australian Dollar (AUD). 

The New Zealand Dollar (NZD), on the other hand, continues with its relative underperformance on the back of bets for a more aggressive policy easing by the Reserve Bank of New Zealand (RBNZ). This provides an additional lift to the AUD/NZD cross and further contributes to the ongoing recovery move from a technically significant 200-day Simple Moving Average (SMA) support. Meanwhile, the fundamental backdrop and the recent price action suggest that the path of least resistance for spot prices remains to the upside.