Australia’s Dollar Rallies Despite Rising Unemployment

The Australian dollar jumped today as gains of US stocks and advance of commodities overshadowed the unfavorable report about employment in Australia
The Standard & Poor’s 500 September futures advanced 1.7 percent, following yesterday’s decline by 4.1 percent. The Thomson Reuters/Jefferies CRB Index of commodities gained 1.4 percent yesterday.
The positive new from outside of Australia overshadowed the bad fundamentals in the country itself. The unemployment rate increased from 4.9 percent in June to 5.1 percent in July. The number of employed persons actually declined by 100, proving forecast totally wrong to expect an increase of employment by 10,200.
AUD/USD advanced from 1.0176 to 1.0263 as of 9:14 GMT today after reaching earlier 1.0114 (the lowest level of this day so far). AUD/JPY rose from 78.21 to 78.54.

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