Australian Dollar Gets Help from Employment Data

The Australian dollar gained against its major peers today with the help of supportive employment data. The positive report led to speculations that the Reserve Bank of Australia may refrain from cutting interest rates further.
Employment rose by 26,100 in March versus expectations of 18,600. The unemployment rate edged down from 5.8% to 5.7% while experts had predicted an increase to 5.9%. It is the lowest level in more than two years.
AUD/USD gained from 0.7652 to 0.7711 as of 14:30 GMT today, and its daily high of 0.7735 was the highest since July 1. EUR/AUD dropped from 1.4729 to 1.4613, trading close to the lowest level since March 10.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *