Australian employment demonstrated better-than-expected growth last month, and it bolstered the Australian dollar at first. Yet not everything in the report was good, and Forex market participants turned their attention to the bad parts of the data subsequently, making the currency sink afterwards.
Australian employers added as much as 15,900 jobs in June, compared to the predicted increase of 12,300 and the May drop by 5,100. Yet the growth was driven by part-time jobs creation, while full-time employment actually decreased, and this is not a good sign for the economy. What is more, the unemployment rate unexpectedly ticked up by 0.1 percentage point to 6.0 percent.
AUD/USD tumbled from 0.9412 to 0.9369 as of 10:37 GMT today after rising to 0.9448. AUD/JPY slumped from 95.66 to 94.88 following the rally to 95.91.
If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.
