Employment Decline Sends Australian Dollar Down

The Australian dollar slumped today after employment in Australia unexpectedly dropped in April, posting the biggest drop since 2009.
The number of employed people in Australia decreased by 22,100 in April from March, following the increase by 43,300 in March from February. It’s very unpleasant surprise for traders, who hoped for an increase by 17,600. The negative employment change together with falling commodities creates a very strong downward pressure on the Australian currency.
AUD/USD tumbled from 1.0699 to 1.0599 and EUR/AUD jumped from 1.3260 to 1.3393 today as of 8:58 GMT.

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