Australian Dollar Gains as Labor Market Strengthens
- Australian Economy added 47,300 jobs in February compared to 18,000 in January (Revised)
- Labor market strengthens, unemployment rate still highest in over ten years
- Australian Dollar Soars Past US 90 cent After Data Crossed the Wires
The AUD/USD jumped in Asian trading after it was reported the Australian economy added 47,300 jobs in February, the largest increase since March 2012, which beat forecasts calling for a 15,000 gain. The details of the report showed a staggering 80,500 full time jobs were gained, and 33,300 part time jobs were lost. However, the unemployment rate stayed at 6.0 percent- the highest level of joblessness since 2003 - compared to 5.8 percent in December.
The Aussie soared 61 pips from 0.9012 to 0.9074 after the data crossed the wires, jumping well past the psychological level of US 90 cents. The positive print may bolster expectations for a rate hike from the RBA, which would in turn bode well for the Australian dollar.
AUD/USD (5 Min Chart) - Created By Daniel Giardina using Marketscope 2.0
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