Article by ForexTime
The Australian dollar surged to the highest in almost three weeks against the greenback after some positive jobs data out of Australia.
More jobs were added to the Australian economy in March that what was expected. This led to a lower unemployment rate and also eased pressure on the Reserve Bank of Australia to cut interest rates further. Recently there was widespread expectation for another interest rate cut in May. With the stronger jobs data this expectation has been lowered.
The unemployment rate dropped to 6.1 per cent in March while 37,700 additional jobs were created compared to February. This number was more than double the 15,000 jobs gain forecast by economists. Economists had expected the unemployment rate to remain at February’s figure of 6.3 per cent, which has now been revised down to 6.2 per cent.
AUD/USD rallied higher to $0.7782 after the jobs data before easing on profit taking down to $0.7758.
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