The Australian dollar was one of the biggest movers in Thursday’s Asian trading session, as it surged on upbeat jobs data out of Australia. The aussie soared above US 73 cents in reaction to news released by the Australian Bureau of Statistics showing the economy added 71,400 jobs in November. The country’s unemployment rate fell to 5.8 percent.
AUD/USD jumped to $0.7333 cents by 11.41am (AEDT) after the data. It was a surprise turn around in the value of the dollar as the currency was trading at $0.7206 cents on early Thursday morning from the $0.7215 cents of Wednesday.
Another big mover in the session was the New Zealand dollar which rose sharply after the Reserve Bank of New Zealand cut its official cash rate to 2.50 percent. The new interest rate brought the rates down to its lowest level in about two years and reversed the hiking cycle since the first half of 2014.
NZD/USD jumped to $0.6742 cents at 12:05 p.m. in Wellington from $0.6647 cents before the RBNZ decision.
RBNZ Governor Graeme Wheeler addressed a news conference where he said inflation expectations are “where we want them.” He wanted the New Zealand dollar exchange rate to stay lower, saying the currency looks stronger than what was needed.