Investing.com - The Australian dollar soared against its U.S. rival during Thursday’s Asian session after a surprisingly strong April jobs report from the world’s 12th-largest economy.
In Asian trading Thursday, AUD/USD climbed 0.61% to 1.0236. The pair was likely to find support at 1.0115, the low of March 4 and a two-month low and resistance at 1.0252, Tuesday's high.
The Aussie surge against the greenback after the Australian Statistics Bureau said the economy there added 50,100 new jobs last month, nearly five times the consensus estimate that called for the addition of 11,000 jobs. The March number was revised lower to 31,000.
Australia’ unemployment rate fell to 5.5%, also beating economists’ expectations for a reading of 5.6%. Full-time jobs rose by 34,500 while part-time jobs increased by 15,600. Participation in the labor force rose to 65.3% from 65.2%.
The news comes after the Reserve Bank of Australia lowered interest rates to 2.75% earlier this week marking Australia’s lowest borrowing rate in more than five decades. The central bank has slashed rates by 2% in less than two years.
Australia has proven to be one of the world’s most resilient economies, having skirted recession for more than 20 years. However, there are concerns the mining boom there will peak this year and other sectors are not ready to pick up the slack.
Elsewhere, the National Bureau of Statistics of China said the country’s consumer prices rose 2.4% in April while producer prices declined 2.6% China is Australia’s largest trading partner.
Meanwhile, AUD/JPY rose 0.47% to 101.20 while AUD/NZD inched lower by 0.05% to 1.2099.
In Asian trading Thursday, AUD/USD climbed 0.61% to 1.0236. The pair was likely to find support at 1.0115, the low of March 4 and a two-month low and resistance at 1.0252, Tuesday's high.
The Aussie surge against the greenback after the Australian Statistics Bureau said the economy there added 50,100 new jobs last month, nearly five times the consensus estimate that called for the addition of 11,000 jobs. The March number was revised lower to 31,000.
Australia’ unemployment rate fell to 5.5%, also beating economists’ expectations for a reading of 5.6%. Full-time jobs rose by 34,500 while part-time jobs increased by 15,600. Participation in the labor force rose to 65.3% from 65.2%.
The news comes after the Reserve Bank of Australia lowered interest rates to 2.75% earlier this week marking Australia’s lowest borrowing rate in more than five decades. The central bank has slashed rates by 2% in less than two years.
Australia has proven to be one of the world’s most resilient economies, having skirted recession for more than 20 years. However, there are concerns the mining boom there will peak this year and other sectors are not ready to pick up the slack.
Elsewhere, the National Bureau of Statistics of China said the country’s consumer prices rose 2.4% in April while producer prices declined 2.6% China is Australia’s largest trading partner.
Meanwhile, AUD/JPY rose 0.47% to 101.20 while AUD/NZD inched lower by 0.05% to 1.2099.