Aussie Higher After Upbeat Australian Employment Data
The Aussie inched higher against its US counterpart in the Asian trading session, following the release of some unexpectedly strong Australian employment data.
Australian Unemployment Rate
In a report issued by the Australian Bureau of Statistics, official data showed on Thursday that Australia’s unemployment rate declined unexpectedly last month. The Australian unemployment rate dropped to a seasonally adjusted rate of 5.7%, down from the 5.8% recorded in February. The surprise fall came after analysts had been expecting the Australian unemployment rate to actually show an increase to 5.9% in March.
Australian Employment Change
In a separate report issued by the Australian Bureau of Statistics, official data showed on Thursday that Australian employment change increased more-than-expected last month. Australian employment change increased to a seasonally adjusted figure of 260.1K, a massive leap from the 0.3K recorded in February. The surprise jump in the number of Australians in employment came after analysts had been expecting Australian employment change to increase by just 20.0K last month.
Keeping gains in the Australian Dollar in check was heavy declines in the precious metals sector. Both gold and silver both posted declines of more than 1% as investors supported the US Dollar, sending the dollar-priced commodities such as gold lower.
The AUD/USD was up 0.01% at time of writing, reversing earlier losses seen before the release of the upbeat Australian jobs data.
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