Investing.com - The Australian dollar rose to a four-and-a-half month high against its U.S. counterpart on Thursday, boosted by upbeat Australian employment data and as market sentiment remained supported by sustained hopes for central bank interventions.
AUD/USD hit 1.0613 during late Asian trade, the pair’s highest since March 20; the pair subsequently consolidated at 1.0604, rising 0.32%.
The pair was likely to find support at 1.0487, the low of July 31 and resistance at 1.0690, the high of March 6.
Official data showed that Australia’s economy added 14,000 jobs in July, beating expectations for a 10,200 rise and following a 28,300 decline the previous month.
The report also showed that Australia’s unemployment rate fell unexpectedly to 5.2% in July from 5.3% the previous month.
Analysts had expected the unemployment rate to remain unchanged in July.
Sentiment also remained supported after data showing that China's annual consumer inflation fell to a 30-month low in July added to speculation that the country’s central bank may implement further monetary easing.
China is Australia’s biggest export partner.
Sentiment was also supported by expectations that the European Central Bank will soon take steps to help lower Spanish and Italian borrowing costs after the bank indicated last week that it may restart its bond buying program.
Earlier in the week, a Federal Reserve official kept alive hopes for U.S. central bank intervention by saying the Fed should launch an aggressive bond-buying program to aid the economy until unemployment begins to fall.
The Aussie was also higher against the New Zealand dollar with AUD/NZD adding 0.29%, to hit 1.3012.
Also Thursday, official data showed that employment change in New Zealand fell unexpectedly in the second quarter, ticking down 0.1% after a 0.4% rise the previous quarter.
New Zealand’s unemployment rate rose unexpectedly to 6.8%.
Later in the day, the U.S. was to release official data on the trade balance and initial jobless claims.
AUD/USD hit 1.0613 during late Asian trade, the pair’s highest since March 20; the pair subsequently consolidated at 1.0604, rising 0.32%.
The pair was likely to find support at 1.0487, the low of July 31 and resistance at 1.0690, the high of March 6.
Official data showed that Australia’s economy added 14,000 jobs in July, beating expectations for a 10,200 rise and following a 28,300 decline the previous month.
The report also showed that Australia’s unemployment rate fell unexpectedly to 5.2% in July from 5.3% the previous month.
Analysts had expected the unemployment rate to remain unchanged in July.
Sentiment also remained supported after data showing that China's annual consumer inflation fell to a 30-month low in July added to speculation that the country’s central bank may implement further monetary easing.
China is Australia’s biggest export partner.
Sentiment was also supported by expectations that the European Central Bank will soon take steps to help lower Spanish and Italian borrowing costs after the bank indicated last week that it may restart its bond buying program.
Earlier in the week, a Federal Reserve official kept alive hopes for U.S. central bank intervention by saying the Fed should launch an aggressive bond-buying program to aid the economy until unemployment begins to fall.
The Aussie was also higher against the New Zealand dollar with AUD/NZD adding 0.29%, to hit 1.3012.
Also Thursday, official data showed that employment change in New Zealand fell unexpectedly in the second quarter, ticking down 0.1% after a 0.4% rise the previous quarter.
New Zealand’s unemployment rate rose unexpectedly to 6.8%.
Later in the day, the U.S. was to release official data on the trade balance and initial jobless claims.