Aussie Jumps After Employment Data Beats Optimistic Expectations

The Australian currency gained on its rivals on Thursday after a domestic employment report beat the already optimistic expectations by a wide margin. While the Aussie has backed off from its daily highs since then, it is currently still trading above the opening level against all of its most-traded counterparts.
The Australian Bureau of Statistics reported that employment surged by 88,700 in February on a seasonally adjusted basis, rising above the pre-pandemic level. That is a far bigger number than the 30,500 predicted by analysts and 29,500 registered in January. The rise was a result of gains in full-time employment, which increased by 89,100, whereas part-time employment fell by 500. The unemployment rate dropped unexpectedly from 6.3% to 5.8%. The participation rate remained unchanged at 66.1%.
Specialists warn that the sharp growth in the Australian labor market will likely slow down significantly in the next month. Their reason is that the government’s JobKeeper Payment program, which was aimed at keeping jobs and supporting businesses, will run its course at the end of this month.
Tomorrow, the Australian Bureau of Statistics will release preliminary retail sales data for February. Experts predicted that it will show growth of 0.6%, about the same as the 0.5% increase in January.
AUD/USD gained from 0.7796 to 0.7817 as of 8:39 GMT today but pulled back from the session maximum of 0.7849. EUR/AUD fell from 1.5361 to 1.5288. AUD/JPY was up from 84.86 to 85.30, and its daily high of 85.45 was the highest since February 2018.
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Original from: www.earnforex.com