Australia’s Unemployment Rate Unexpectedly Falls
October 8th, 2009 Posted in Aussie - Kiwi
Australia’s jobless rate fell for the first time in 5 months as employment unexpectedly surged, spurring bets the Central Bank will raise interest rates again next month, to 3.5%. The news pushed the AUD to 0.9040 cents, the currency’s biggest weekly gain in more than four months. Australia’s economy has outperformed most other developed nations, expanding 1% in the first half of the year, and is forecast by the International Monetary Fund (IMF) to grow 2% in 2010. Today’s report supports the Reserve Bank of Australia’s (RBA) decision to raise the interest rates on Oct. 6 and begin tightening their monetary policy.
