Australian employment data released during the current trading session looked decent, with a surprising surge of employment and an unexpected drop of the unemployment rate. Yet the Australian dollar showed muted reaction to the news, quickly giving up most of its gains it has logged after the report.
Australian employment surged by 37,400 in April from March, far exceeding forecasts that were promising a modest rise by 4,500. The gain followed the previous month’s surprising jump by as much as 60,000 jobs. As a result, the unemployment rate slipped from 5.9% to 5.7%. Yet the report was not as good as it could look at the first glance as the surge was the result of an increase in part-time jobs, while full-time employment actually dropped.
AUD/USD traded at 0.7434 as of 9:49 GMT today after opening at 0.7429 and rising to the daily high of 0.7466. AUD/JPY was up from 82.32 to 83.07 before sliding to 82.08.
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