The Australian dollar surged today with help of employment data that was better than even optimistic forecasts, relieving fears of sluggish economic growth in Australia and returning attractiveness to the nation’s currency.
Australian employers added as much as 47,300 jobs in February. The actual increase was far bigger than the forecast 15,300 and the January’s growth of 18,000 (which was revised from the drop of 3,700). The unemployment rate stayed at 6.0 percent.
The last month’s employment report was terrible, driving the currency down. The latest data, on the other hand, is surprisingly positive, giving boost to the Aussie and reducing incentive for policy makers to stimulate the economy.
AUD/USD climbed from 0.8986 to 0.9066 and AUD/JPY surged from 92.33 to 92.87, following the rise to 93.27, as of 8:35 GMT today. EUR/AUD declined from 1.5465 to 1.5384 and its daily low was at 1.5315.
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