Forex: AUD/USD highest in fortnight

on Jul 11, 2013
Listen Thursday July 11th:_ The Australian dollar has risen to a two-week high against the greenback at 0.9303, influenced by a bullish Australian employment update during today’s Asian session.

The country’s employers added 10,300 jobs to 11,668,500 in June, a major turnaround from the prior month’s fall of 700 and confounding analysts’ expectations for 2,500 fewer jobs. Full-time employment shrank slightly to 8,144,500 whereas part-time jobs increased by 14,800 to 3,524,100.

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And the unemployment rate came out as 5.7 percent, slightly up on May’s 5.6 percent (revised from 5.5 percent) and above forecasts, also for 5.6.

Yesterday the Aussie increased 1.44 percent against the US dollar, reaching an intraday high at 0.9297 as the USD was downgraded following the address of Federal Reserve chairman Ben Bernanke at the National Bureau of Economic Research conference. Bernanke said that the Fed’s fiscal stimulus policy was still necessary because of continuing weakness in the labour market and inflation which remained too low for comfort.

Earlier in the day Chinese exports were reported to have fallen unexpectedly by 3.1 percent in June y/y, well off expectations for a four percent gain and increasing concerns over a slowdown in global demand. Imports came out as 0.7 percent down to also be well down on forecasts, for a six percent increase.
Meanwhile Westpac’s Australian Consumer Sentiment Index recorded a fall by 0.1 percent to 102.1 for the current month from 102.2 in June, with the plus-100 reading indicating that optimists continue to slightly outnumber pessimists.


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