Investing.com - Financial Markets Worldwide

Forex - AUD/USD rises to 7-day high on Australian jobs data

Published 10/11/2012, 03:49 AM
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EUR/AUD
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Investing.com - The Australian dollar rose to a seven-day high against its U.S. counterpart on Thursday, after the release of positive Australian employment data, while concerns over the handling of the euro zone's debt crisis remained.

AUD/USD hit 1.0287 during Europeam morning trade, the pair's highest since October 2; the pair subsequently consolidated at 1.0281, climbing 0.43%.

The pair was likely to find support at 1.0185, Wednesday's low and resistance at 1.0354, the high of August 31.

Official data showed that Australia's economy added 14,500 jobs in September, far more than the expected 3,800 increase, following a 9,100 decline in jobs the previous month.

Australia's unemployment rate rose more-than-expected in September however, ticking up to 5.4% from 5.1%. Analysts had expected the unemployment rate to rise to 5.3% last month.

Meanwhile, euro zone debt concerns persisted after ratings agency Standard & Poor's cut its rating on Spain to BBB-minus from BBB-plus with a negative outlook late Wednesday, citing "mounting risks to Spain’s public finances."

The ratings agency also warned that the capacity of Spanish political institutions to deal with the challenges presented by the current fiscal and economic crisis is declining.

The move brought S&P into line with Moody's, which downgraded Spain in June.

Markets were also jittery amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.

Elsewhere, the Aussie was higher against the euro with EUR/AUD shedding 0.47%, to hit 1.2522.

Later in the day, the U.S. was to publish government data on the trade balance, in addition to official data on initial jobless claims, import prices and crude oil stockpiles.


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