Drop of Employment Doesn’t Prevent Aussie’s Rally

The Australian dollar dipped after data showed a drop of employment, but the currency bounced later and trades now above the opening level as the report turned out to be not as bad as it looked at the first glance.
Australian employment dropped by 4,800 in May from April on a seasonally adjusted basis, while analysts expected it to rise at the previous month’s rate of 10,300. The unemployment rate remained at 5.8 percent. Yet the report was not too bad if one looks into details as the main driver for the decline was a drop of part-time employment, while full-time employment actually rose. The Aussie fell initially but rallied later after traders digested the data.
AUD/USD traded at 0.9406 after falling from 0.9379 to 0.9350, while AUD/JPY fell from 95.77 to 95.41 before bouncing to 95.97 as of 10:14 GMT today.

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