Australian Dollar Climbs, Ignoring Disappointing Employment

The Australian dollar gained against the US dollar and the Japanese yen today even though employment growth trailed forecasts. The likely reason for the currency’s strength was the policy decision of Great Britain’s central bank.
Australian employers added 7,900 jobs in June from the previous month, missing market expectations of an increase by 10,100. The unemployment rate ticked up from 5.7% to 5.8%, in line with predictions. The surprise decision of Britain’s policy makers to keep monetary policy unchanged resulted in the surge of risk appetite that allowed the Aussie to ignore the negative employment data.
AUD/USD gained from 0.7607 to 0.7630 as of 20:58 GMT today. AUD/JPY climbed from 79.47 to 80.39.

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