The Australian dollar gained against its New Zealand peer as employment data in Australia was better than expected, while employment in New Zealand disappointed Forex market participants who expected an improvement of New Zealand’s labor market.
Australian employment added 14,000 jobs in the period from June to July, following the drop by 28,300 in the previous period. The unemployment rate was at 5.2 percent last month, while the June’s figure was revised up to 5.3 percent. Forecasts have been optimistic, but the actual data was even better. New Zealand’s employment showed worse performance as employment shrank and the unemployment rate climbed, frustrating forecasters who have predicted much better results.
AUD/NZD rose from 1.2953 to 1.3016 as of 11:03 GMT today. AUD/USD was flat at 1.0574, while the daily high was at 1.0611 and the daily low was at 1.0552.
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