The Australian dollar is back above 71 cents after the Australian Bureau of Statisitcs just reported another bumper rise in employment. With 58,600 jobs created in the month, the gain was almost four times what the market expected.
It’s a solid number and forex traders look like they might have been caught a little short. But it’s also a solid number that speaks of the continued underlying strength of the employment market and as such will support consumers whatever other headwinds the economy may face.
It’s also a number that reduces the chances of an RBA easing in December. Although the door remains ajar.
That combination is what has the buyers in.
Here’s the chart:
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