Australia gained jobs once again: 14K in June, in line with expectations for around 15K. The previous figure was revised down from 42K to 38K. The unemployment rate stood at 5.6% as expected.
What kind of jobs were gained? Here there is better news: 62K gains of full-time jobs mitigated a drop of no less than 48K. The participation rate also beat expectations by reaching 65% from 64/9% last time.
The news saw some nervous trading, sending AUD/USD to 0.7987, just 13 pips short of the round number of 0.80. After the knee-jerk reaction, the pair is trading back to the previous range at 0.7940 at the time of writing. They are expected to
AUD/USD remains on the high ground after breaking above 0.7835, a tough line. The hawkish meeting minutes by the RBA drove the pair higher.
The Australian Prime Minister Malcolm Turnbull told radio listeners that interest rates will likely go up than go down, echoing the hawkish tone of the RBA.
The NAB Business Confidence measure for Q2 advanced from 6 to 7 points, also supporting a stronger Australian dollar.
More: AUD: Valuation Getting Stretched; What’s Next? – NAB
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