The Australian dollar has broken US98c, trading at US$0.9845 after the Australian Bureau of Statistics revealed strong employment numbers for the month of September this morning.
With Australia’s unemployment rate coming in steady at 5.1 percent, but with an increase of 49,500 employed during September investors continue to back the Australian currency with the country’s economic output tipped to grow further as a result of an increase in employment.
The Aussie dollar was trading below US96c on Tuesday after the Reserve Bank of Australia held interest rates at 4.5 percent despite economists predictions they would increase by 25 basis points, with investors pulling out of the Australian currency briefly as the market ‘corrected’ when economists incorrectly predicted interest rates would be increased by the RBA.
The Australian dollar spiked immediately after the ABS Labour Force unemployment rate announcement and is currently trading at US$0.9830.
Against Asian currencies the Australian dollar is up slightly, buying Japanese Yen 80.9843 and Chinese Yuan 6.5391.