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AUD/USD shoots higher as Australian unemployment falls sharply

For a second month in a row, Australia reported a much better than expected jobs report: the land down under gained no less than 71.4K jobs in November, much better than a drop of 10K that was expected. The unemployment rate dropped from 6% to 5.8%.

The excellent news raised some eyebrows but also sent AUD/USD all the way to 0.73333.

The good news continues with the details of the report: the unemployment rate fell to 5.8% as aforementioned, and this is on top of a rise in the participation rate from 65% to 65.3%, so it’s excellent also here.

Out of all jobs gained, a majority, 41.6K, were full time jobs and 29.7K were part time. The only negative number was a small downwards revision for October: a rise of 56.1K instead of 58.3K originally reported, but this is certainly on the sidelines.

AUD/USD leaping on the Australian jobs report, and sliding a bit since then. Will these gains hold? This is an open question as many analysts see the report as “too good to be true”.

AUDUSD December 10 2015 higher with labor jump

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.