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Forex - AUD/USD climbs higher on strong Australian jobs data

Published 01/15/2015, 02:48 AM
Aussie gains ground vs. greenback on upbeat employment report
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Investing.com - The Australian dollar was higher against its U.S. counterpart on Thursday, boosted by the release of strong employment data from Australia, although demand for the greenback remained broadly supported.

AUD/USD hit 0.8228 during late Asian trade, the pair's highest since January 12; the pair subsequently consolidated at 0.8225, jumping 0.93%.

The pair was likely to find support at 0.8066, Wednesday's low and a five-and-a-half year low and resistance at 0.8377, the high of December 12.

In a report, the Australian Bureau of Statistics said that the number of employed people increased by 37,400 last month, beating expectations for a 3,800 rise. The employment change for November was revised to a 44,900 gain from a previously estimated 42,700 increase.

The report also showed that Australia's unemployment rate ticked down to 6.1% in December from 6.2% in November, whose figure was revised down from a previously estimated rate of 6.3%.

Analysts had expected the unemployment rate to sit at 6.3% last month.

Meanwhile, the greenback regained some ground after falling in the previous session when a report showed the largest drop in U.S. retail sales in 11 months in December.

Official data on Wednesday showed that U.S. retail sales fell 0.9% last month after rising 0.4% in November.

The Aussie was also sharply higher against the euro, with EUR/AUD tumbling 0.92% to 1.4332.

Later in the day, the U.S. was to publish the weekly report on initial jobless claims as well as data on producer prices and manufacturing activity in the Philadelphia region.

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