Employment Change Australia rose better than expected, while the unemployment rate fell drastically. This condition inevitably encourages the strengthening of AUD/USD.
On Thursday (20/January), the Australian Bureau of Statistics released Employment Change data which added 64.8k in December. This figure is indeed down from the spike in November, but better than expectations of an increase which was only pegged at 43.3k.
In further details, Australian employment last month was supported by a 41.5k gain in full-time employment. Meanwhile, the part-time job category increased by 23.3k. Although December employment growth was unable to repeat the impressive achievements of the previous month, the Australian labor market remains on a positive track.
Unfortunately, employment gains did not occur evenly across the states. The New South Wales region experienced an increase of 0.8 percent, followed by Victoria, which increased 0.7 percent and Queensland by 0.2 percent. Northern Australia actually posted a 1.3 percent increase in employment. However, because the workforce is small, the increase in Employment in this area does not contribute much in general.
Tasmania, on the other hand, saw employment declines of 0.4 per cent, followed by South Australia (-0.2 per cent) and Western Australia (-0.1 per cent).
Australia's jobless rate data fell from 4.6 percent to 4.2 percent in December. This positive achievement has the potential to encourage an increase in worker wages and the inflation rate, which has been the RBA's reference in determining the benchmark interest rate.
AUD/USD Rises Up
This morning's satisfactory employment data successfully pushed the Australian Dollar up against the Greenback. The AUD/USD pair is in the range of 0.7243 or up 0.45 percent on a daily basis. This condition is in line with the increasing view of market participants that an increasingly solid labor market will trigger a more hawksih view of the RBA.
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