Aussie rises to 8-month high after jobs data

The Australian dollar added to post-FOMC gains after data showed the Australian unemployment rate unexpectedly fell to 5.8% in February from 6%, compared with a median economist estimate for no change.

The aussie rose to an eight-month high against its US counterpart after the data. It has surged 6.4 percent so far this month.

AUD/USD began rising on Wednesday after the Federal Reserve lowered expectations for the pace of interest rate increases, which led to a weaker US dollar.

The Australian currency gained today even as the jobs report showed employers added fewer jobs than economists had predicted. It hit $0.7619 after the data, the strongest level since July 3.

The aussie rose despite data showing employers added 300 jobs in February from January, less than the 13,500 forecast.

Reserve Bank of Australia Assistant Governor Guy Debelle said Thursday that the central bank would welcome a lower currency to help the economy rebalance away from mining-led growth.

The post Aussie rises to 8-month high after jobs data appeared first on FXTM Blog.

Source:: Aussie rises to 8-month high after jobs data

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