The Australian dollar is being traded today near a 10-month high as job figures in the country came unexpectedly positive, adding confidence that the South Pacific region will be one of the first global economic areas to find its way out of recession.
The forecasts regarding the Australian job market pointed to a consistent decline in the number of employed people, which were proved to be false, as today, a national employment report indicated a rise in jobs, making the Australian dollar to climb for the fifth day in a week versus its U.S. counterpart. The Australian dollar is being one of the best performing currencies among the 16 most traded, as speculations indicate that the country is likely to be one of the first to increase its benchmark interest rate, a fact that is attracting a significant amount of traders to purchase assets in the South Pacific region.
The unexpectedly favorable employment data in Australia helped the Aussie to keep its levels very high, as weakened figures would push the Aussie down favoring a corrective movement after several days of gains. The Australian currency is likely to continue its uptrend, as risk appetite stills very broad among traders, favoring the main South Pacific currencies.
AUD/JPY traded at 80.389 as of 10:45 GMT from a previous rate of 79.625 yesterday. EUR/AUD fell from 1.7175 to 1.7089.
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