Forex News
May 9, 2013 @ 7:49 am

Australian dollar rises after strong jobs data

The Australian dollar gained versus most major counterparts after the release of Australian jobs data on Thursday. More jobs were created in April than expected, giving signs that the labour market is recovering and the overall economy is growing.

The Australian Bureau of Statistics reported employers added 50,100 positions , up from the previous month’s decrease by 31,000. Today’s number was much more than the 11,000 jobs that had been projected by economists .

The unemployment rate declined to 5.5 percent from 5.6 percent.

The strong data may lessen the case for the nation’s central bank to cut interest rates again the near term. Just earlier this week, the Reserve Bank of Australia lowered the benchmark cash rate to a record low 2.75 percent from 3.00 percent.

The Australia dollar jumped over 90 pips against the US dollar after the data, lifting AUDUSD to $1.0252 from $1.0161. AUDJPY hit a high of 101.35 from a pre-data level of 100.43 yen.

The Australian dollar has recently been declining but took a pause yesterday after strong data from China, which is Australia’s major trading partner, helepd support eh aussie.

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