Aussie Dollar Rally Sparked by Employment Data
July 10, 2008
The Australian labour force added 29,800 jobs during the month of June, bouncing back convincingly from the 25,600 jobs lost in May. While the loss of employment in May was evenly distributed between full and part-time positions the rebound in June was led by a solid 24,000 increase in full-time positions. Furthermore, the unemployment rate declined from 4.3% to 4.2%. Following the positive employment data the Australian dollar posted a 0.7 percent rally against the U.S. dollar.