Employment Data Drives Australian Dollar Down

The Australian dollar dropped today after two consecutive sessions of gains, driven down by employment data. While the report might look good at the first glance, unwrapping it revealed that the situation on the Australian labor market was not that stellar.

Australian employers added 13,500 jobs in January, according to the data from the Australian Bureau of Statistics, a figure that exceeded the average forecast of an increase by 9,700. The problem was that was a result of an increase of part-time jobs, while the number of full-time jobs demonstrated a huge drop. Nevertheless, the unemployment rate slipped from 5.8% to 5.7% (no change was expected by analysts).

AUD/USD slipped from 0.7709 to 0.7705 as of 12:01 GMT today. EUR/AUD gained from 1.3744 to 1.3797.

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