Australia has become something of a job-creation machine in the past year. This is the eleventh straight run of overall employment gains and the highest monthly rise since late 2015. AUD/USD gained smartly on the result. It may well increase speculation that record-low Australian interest rates may have to rise sooner than the end of 2018, which is when futures markets currently suspect that a move will come.
Australian Dollar Leaps On Huge Jobs Beat
The Australian Dollar surged Thursday on a blockbuster official employment report from its home country which shredded market expectations. The economy added 54,200 jobs in August, it showed. Forecasters had been looking for a 20,000 rise to follow July’s 27,900, but even the most optimistic calls fell far short of the mark. Full-time employment soared by 40,000 with part-time jobs up by 14,100. The unemployment rate remained steady at 5.6%.
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