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Aussie Gains on Positive Job Reports
Currency commodities remain affected by oil prices
The Aussie was stronger versus the dollar on Thursday, following the release of positive Australian employment data as the kiwi fell more than 1% due to sentiment improvement on the greenback.
NZD/USD fell 1.05%, trading at 0.6847, while AUD/USD moved up 0.10% to 0.7661.
According to the Australian Bureau of Statistics, the amount of employed people in March increased by 26,100 instead of the expected 20,000 increase. In February the number of employed people fell by 700, in contrast to a previous estimate of a 300 gain.
The report showed that Australia’s unemployment rate fell by 5.7% in March from 5.8% in February, instead of meeting expectations of reaching 5.9%.
Sentiment on the greenback was improved following Wednesday’s positive Chinese trade data, which lessened concerns regarding the outlook for worldwide economic growth.
Furthermore, official data showed that Chinese exports rose 11.5% from a year earlier in March which was the first rise since last June.
For the time being, commodity currencies stayed under pressure while oil prices kept declining for a second day.
Earlier Thursday, OPEC warned of slowing demand as Russia stated that there will be minor commitments at the upcoming meeting in Doha, Qatar next Sunday.
The US dollar index, which measures the greenback’s strength against a basket of six other major currencies, was up 0.20% at 95.00, the highest level reached since April 6.
Aussie and Kiwi reach 10-month highs against Dollar
Greenback remains under pressure
The Aussie and Kiwi reached ten-month highs versus the US dollar on Tuesday, while the minutes of the Reserve Bank of Australia’s (RBA) meeting showed that interest rates are remaining steady for a while and employment trends will be kept in focus.
The RBA is concerned about the strength of the Aussie, stating “members noted that an appreciating exchange rate could complicate progress in activity rebalancing towards the non-mining sectors of the economy”.
AUD/USD rose 0.59%, reaching a 10-month high of 0.7756.
Commodity currencies increased due to higher oil prices, as Kuwait’s oil worker strike cut the country’s crude output almost in half.
NZD/USD rose 0.76% also reaching a 10-month high, trading at 0.7001.
The greenback stayed under pressure due to Friday reports showing that US inMarch declined more than expected, as there was a slight decrease in consumer sentiment this month as well.
The reports pointed out that the Fed will probably take a cautious approach on future interest rate hikes.
The US dollar index, which measures the greenback’s strength versus a basket of six other major currencies was 0.17% at 94.29, reaching a new low since April 13.