Aussie Shrugs Off Negative Employment Data

The Australian dollar was on the rise today even though Australia’s employment demonstrated a surprise drop last month. Still, the Aussie remains one of the weakest major currencies over the week.

Australian employment fell by 5,100 in September (seasonally adjusted) instead of rising by 7,200 as had been promised by analysts. On a positive side, seasonally adjusted new motor vehicles sales climbed by 5.5 percent after falling 1.7 percent in August.

It looks the Aussie was focusing for the most part not on the domestic data but on yesterday’s US reports, which were bad, driving raw materials and, as a result, commodity-related currencies higher.

AUD/USD rallied from 0.7297 to 0.7337 as of 11:13 GMT today. EUR/AUD dropped from 1.5706 to 1.5584.

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