Forex - AUD/USD gains on solid Australian jobs data By Investing.com

Forex - AUD/USD gains on solid Australian jobs data

ForexOct 10, 2012 09:42PM ET

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Forex - AUD/USD gains on solid Australian jobs data

Investing.com - The Australian dollar rose against the greenback on Thursday after the government revealed the country added more jobs than expected in September.

In Asian trading on Thursday, AUD/USD hit 1.0252, up 0.17%, up from a session low of 1.0219 and off from a high of 1.0266.

The pair was likely to test support at 1.0185, Wednesday's low, and resistance at 1.0275, Friday's high.

The number of employed people in the country rose by 14,500 last month, the most since May, the Australian Bureau of Statistics reported.

Australia’s unemployment rate rose a little more than expected last month, mainly because more jobless workers began searching for employment, thus jumping back into the labor market.

Only unemployed workers who are actively seeking work can be considered part of the labor market, and when more resume job searches, the participation rate rises and with it, so does the percentage of unemployed workers.

The statistics bureau reported that Australia's unemployment rate rose to a seasonally adjusted 5.4%, from 5.1% in August.

Analysts had expected Australian unemployment rate to rise to 5.3% last month.

The Australian dollar, meanwhile was up against the euro and up against the yen, with EUR/AUD down 0.48% at 1.2522 and AUD/JPY up 0.03% at 80.04.

Later Thursday, the U.S. will release government data on the trade balance, initial jobless claims, import prices and crude oil stockpiles.

Also Thursday, finance ministers and central bankers from the G7 group of industrialized nations are due to hold talks in Tokyo.

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