Investing.com – The Australian dollar rallied to a fresh record high against its U.S. counterpart on Thursday, after upbeat domestic jobs data rekindled expectations for a rate increase by the Reserve Bank of Australia.
AUD/USD hit 1.0481 during late Asian trade, the pair’s all-time high; the pair subsequently consolidated at 1.0462, gaining 0.22%.
The pair was likely to find support at 1.0312, Wednesday’s low and short-term resistance at 1.0500.
The Australian Bureau of Statistics said unemployment fell to a lower-than-expected 4.9% in March from 5.0% the previous month. Economists had expected the unemployment rate to remain unchanged last month. The jobless rate is now at its lowest rate since December 2008.
The number of people in full-time work rose 32,100, while the number of people in part-time work rose 5,700, the bureau said.
The RBA left interest rates on hold on Tuesday, citing an absence of immediate inflation risks and pointing to the high Australian dollar as a headwind for the economy.
The Aussie was also higher against the euro, with EUR/AUD shedding 0.44% to hit 1.3663.
Later in the day, the U.S. was to publish a weekly report on initial jobless claims.
AUD/USD hit 1.0481 during late Asian trade, the pair’s all-time high; the pair subsequently consolidated at 1.0462, gaining 0.22%.
The pair was likely to find support at 1.0312, Wednesday’s low and short-term resistance at 1.0500.
The Australian Bureau of Statistics said unemployment fell to a lower-than-expected 4.9% in March from 5.0% the previous month. Economists had expected the unemployment rate to remain unchanged last month. The jobless rate is now at its lowest rate since December 2008.
The number of people in full-time work rose 32,100, while the number of people in part-time work rose 5,700, the bureau said.
The RBA left interest rates on hold on Tuesday, citing an absence of immediate inflation risks and pointing to the high Australian dollar as a headwind for the economy.
The Aussie was also higher against the euro, with EUR/AUD shedding 0.44% to hit 1.3663.
Later in the day, the U.S. was to publish a weekly report on initial jobless claims.