The Australian money is doing great in trading sessions courtesy of the country’s strong local jobs data. The New Zealand dollar, the Aussie’s neighbor, is also seen soaring through today’s trading.
Just yesterday, the country’s Bureau of Statistics delivered splendid figures in its November jobs report.
Australia’s employment change went up from -19.0k in October to 39.9k in November. The results went far beyond the expectations of 14.0k by experts.
Meanwhile, there are expectations that the country’s unemployment rate will dip to 5.2% in November.
Local reports say that the new jobs are mostly part-time employees. But still, it added optimism to the country’s working force, supporting the Australian money along with it.
Experts say that the proportion of Australian working is steadily improving. Actually, the results are nearing record highs of 66%.
As of November, nearly 13 million Australian have jobs, and 8.8 million are full-time employees. Meanwhile, the number of unemployed fell to just over 700,000 according to the recent report.
However, Australian money’s gains were capped due to the rising percentage of unemployed youth.
According to experts, more young male Australians are unemployed than older male Australians. And underemployment for women remains a key problem in the country.
Will It Hold Its Momentum?
The Australian money is recovering its losses after it nosedived earlier this week against RBA news. Bulls aim to keep the momentum and close the year with good gains.
The Aussies futures rallied 0.41% or 0.0028% points in trading sessions. Meanwhile, the New Zealand dollar contract rallied 0.30% or 0.20 points this Thursday’s trading.
The AUD USD exchange rate hiked by 0.45% or 0.0030 points and is currently trading for $0.6883. But the NZD USD exchange rate only rose 0.08% or 0.0006 points in trading sessions.
Meanwhile, the single currency to Australian money trading pair still plunged despite the good German data backing the bloc’s euro. The EUR AUD fell by 0.24% or 0.0038 points this Thursday’s trading.
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