Australia Sees Drop in Unemployment Rate
December 11th, 2009 Posted in Aussie - Kiwi
Name: Natalie
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The Australian Dollar rose to 91.71 U.S cents following the biggest three month surge in Australian employment in three years. Employers added 99,500 workers in the three months to Nov. 30, pushing down the jobless rate to 5.7%. It seems that increased demand for Australian commodities from China is fueling this surge in employment.
This data was beneficial to the AUD as it provides further support to the assumption that RBA Governor Stevens will resume the round of interest rate increases early next year. December saw an unprecedented 3rd consecutive interest rate hike to 3.75%. This has greatly benefited the AUD, making it one of the best performing currencies against the greenback. With strong recovery prospects boosted by expectations.
The Australian Dollar rose to 91.71 U.S cents following the biggest three month surge in Australian employment in three years. Employers added 99,500 workers in the three months to Nov. 30, pushing down the jobless rate to 5.7%. It seems that increased demand for Australian commodities from China is fueling this surge in employment. This data was beneficial to the AUD as it provides further support to the assumption that RBA Governor Stevens will resume the round of interest rate increases early next year.
December saw an unprecedented 3rd consecutive interest rate hike to 3.75%. This has greatly benefited the AUD, making it one of the best performing currencies against the greenback. With strong recovery prospects boosted by expectations of further interest rate increases, the AUD should continue making gains versus the lower yielding USD and JPY.
