The Australian dollar rallied today on the back of Australia’s positive employment data, reversing the earlier decline that was threatening to bring the currency back to its multi-year lows.
The seasonally adjusted estimate of Australian employment increased by 17,400 in August from the previous month — more than 3 times the forecast growth. The unemployment rate ticked down by 0.1 point to 6.2 percent, but this could be attributed to the lower participation rate. The positive domestic data, coupled with the reports of accelerating inflation in China, helped the Aussie to reverse its downside movement.
AUD/USD rallied from 0.7014 to 0.7078 as of 11:06 GMT today, bouncing from the daily low of 0.6945. AUD/JPY jumped 1.6 percent from 84.51 to 85.82 after touching the session minimum of 83.32.
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