By: Barbara Zigah
Much stronger than predicted jobs data from Australia helped to push the Aussie and other high-yielders up against the safe-haven greenback and Japanese Yen. Economic forecasters in Australia called for an increase last month of 17,500 jobs but the actual figures were nearer 45,900 jobs. That news, coupled with a lowered unemployment rate, revived speculation that an interest rate increase over the next few months could be forthcoming.
As reported at 3:28 p.m. (JST) in Tokyo, the Australian Dollar rose 1.1% against its U.S. counterpart, striking $0.8726 and not far off the 2-week high of $0.8748; resistance is expected to be near $0.8780, the high trade of June 28th. Versus the Japanese Yen, the Aussie also rose, trading at 77.09 Yen, an increase of 1.7%; at one point in the session, it had briefly struck 77.23 Yen, close to a 2-week peak.
As well, short-covering investors helped to boost the common currency Euro to a 2-month peak versus the U.S. Dollar in Asian trading today. The single currency Euro traded up against the U.S. Dollar at $1.2654, an increase of .1% in the day’s trading, following an earlier day’s high of $1.2688. Analysts believe that the Euro might have risen higher, but it saw resistance around $1.2673. Market focus will later today turn to the outcome of the European Central Bank’s monthly meeting and analysts expect to hear the ECB’s position on the validity of the Euro-zone’s upcoming bank stress tests.
Aussie Higher Versus Safe-haven Currencies on Improved Jobs Data
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.