Market News & Analysis
Jobs data sparks mixed reaction with the Aussie
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Australia’s latest jobs report has sparked a mixed reaction from the Aussie, with the currency trapped in a narrow trading range, failing to hold above 72 U.S. cents.
In the latest report, the Australian Bureau of Statistics revealed Australia’s unemployment rate rose from 4.9% to 5% in March. The rise in unemployment was, however, offset by a positive employment change. 25,700 people were employed in March, including 18,000 full time jobs. The market forecast was for 15,200 and compares to just 10,700 people being employed in February.
The beat in employment initially sparked a rally in the Aussie dollar with the AUD/USD pair rocketing to 0.7198, before correcting to 0.7179. The Australian dollar remains at a 7-week high against the greenback, late in the Asian session. Support will be tested tonight with the release of the United States’ retail sales data. Today’s jobs data has also helped the Aussie extend gains against the New Zealand dollar, with the AUD/NZD climbing to its highest level since November 12, at 1.068.
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