Australian Employment Unexpectedly Rises
November 12th, 2009 Posted in Aussie - Kiwi
Name: Ashley Smith
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The number of people employed rose 24,500 from September, beating economists’ expectation for a decline. The jobless rate rose to 5.8% from 5.7%. The unexpected rise in employment pushed the AUD to its highest level this year, prompting speculations of further interest rate increases by the central bank for the 3rd straight month. Economists expect Reserve Bank Governor Glenn Stevens will raise the benchmark interest rate by a quarter percentage point on Dec. 1 to 3.75%. The Australian Dollar, the best performing major currency of the last 12 months, surged to 93.45 U.S. cents.
