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Australian Dollar Rises on Strong Jobs Data

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Dec. 11 2015, Published 4:51 p.m. ET

Australian dollar rises by 0.58%

The Australian dollar to the US dollar currency pair was on a positive bias on December 10, 2015. The Australian dollar reached a high of 0.734 after the release of the positive jobs data. The currency pair fell from the highs as the markets continued to speculate about the US Fed decision at next week’s FOMC meeting. US unemployment claims came in towards the end of the day on a slightly negative note. The currency pair closed the day at 0.728.

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Employment data beats expectations

The Australian Bureau of Statistics published employment data for the month of November on December 10, 2015. The report suggested an increase in the number of employed people by 71,400. Full-time employment rose by 41,600 while part-time employment rose by 29,700. The seasonally adjusted employment rate fell by 0.1% to 5.8% with the unemployment numbers falling by 2,800 to 739,100. There was a 0.3% rise in the participation rate to 65.3%. Among data releases from the neighbouring countries, the Central Bank of New Zealand had cut the official cash rate by 0.25% to 2.5%.

Impact on the market

Australian ETFs were trading on a positive note on December 10. The CurrencyShares Australian Dollar Trust ETF (FXA) rose by 0.72%. Meanwhile, the iShares MSCI Australia Index Fund ETF (EWA) was trading nearly flat with a slight rise of 0.05%.

The Australian ADRs (American depositary receipts) trading on US markets were also trading on a positive bias. BHP Billiton (BHP) rose by 0.76%. In the mining sector, British-Australian multinational Rio Tinto (RIO) rose by a significant 1.7% while Australian banking ADR Westpac Banking (WBK) was trading on a slight negative bias, declining by 0.65% on December 10.

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