Aussie up after job data
Australian employers added jobs in August, indicating record-low interest rates, a falling currency and weak wage growth is encouraging hiring. Employment rose by 17,400 from July, while economists forecasted a 5,000 increase. The jobless rate dropped to 6.2%, thus matching economists’ estimates. Full-time jobs rose 11,500; part-time employment increased 5,900 .
The report adds to increasing impetus in the housing construction and tourism industries that are soaking up workers surplus to requirements at mine sites where an investment boom is winding down. Still, a forecasted decline in business spending and falling commodity prices are damping the economic outlook and prompted the central bank to cut rates twice this year to a record low 2 percent.
Aussie was pushed higher after the data and is currently being traded around 0.70 handle. Pair is likely to find support around 0.6950 level and resistance above 0.7050 area. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419