The Australian dollar climbed today, rising for the fourth straight session against the US dollar and the Japanese yen, after Australia’s employment unexpectedly rose in May.
Australian employers added as much as 38,900 jobs in May, while experts predicted a decline by 2,200 jobs. Employment increased by 7,000 in April. The unemployment rate increased slightly by 0.1 percentage point to 5.1 percent, just as was expected. The positive data followed yesterday’s encouraging report about GDP, causing speculations that the Reserve Bank of Australia cut interest rates too early and might refrain from lowering borrowing costs if they knew that fundamentals are not that bad.
AUD/USD rose from 0.9924 to 0.9944 and AUD/JPY climbed from 78.59 to 78.96 as of 8:57 GMT today,
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