Aussie Rallies After Mixed Employment Data, Struggles to Keep Gains

The Australian dollar attempted to rally intraday but has trimmed its gains against most major rivals by now and lost them versus the US dollar entirely. The rally followed employment data, which actually was somewhat mixed.

According to the report from the Australian Bureau of Statistics, Australia’s employers added 22,600 jobs in April, beating the average forecast of 19,800. Furthermore, the increase was a result of growth in full-time employment, while part-time employment declined.

Yet on the negative side, the previous month’s reading got a significant downward revision from an increase by 4,900 to a drop by 700. On top of that, the unemployment rate ticked up from 5.5% to 5.6% unexpectedly.

In a separate report, Melbourne Institute Inflation Expectations rose from 3.6% in April to 3.7% in May.

AUD/USD was up from 0.7515 to 0.7547 intraday but has pulled back to trade near the opening level by 10:45 GMT today. EUR/AUD declined from 1.5701 to 1.5675. AUD/JPY edged up from 82.94 to 83.15, touching the daily high of 83.37.

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