The Aussie dollar is surging after jobs data smashed expectations

Photo: Dean Mouhtaropoulos/Getty Images

The Aussie dollar surged after jobs data smashed expectations.

The Aussie soared to 76.38 US cents after the data. It had bought 75.88 cents at 11:29am. A short while ago it was trading at 76.18.

The currency rose to the highest level since April 3 in the previous session.

A strong jobs number will reduce the odds of another central bank rate cut and dovetails with the central bank’s views that economic growth is gaining momentum.

The nation added 42,000 jobs in seasonally adjusted terms compared with expectations for an increase of 10,000.

It was the eight consecutive month that an increase in employment had been recorded.

Full-time employment surged by 52,100 to 8,287,400 while part-time employment fell by 10,100 to 3,865,200.

Courtesy of the lift in hiring, the unemployment rate tumbled to 5.5%, again topping forecasts for a steady reading of 5.7%.

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