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$A rises on jobs growth

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Published on: Thursday, March 13, 2014

by AAP

The Australian dollar is stronger due to better than expected jobs growth figures.

At 1200 AEDT on Thursday, the local unit was trading at 90.56 US cents, up from 89.53 cents on Wednesday.

The Aussie dollar rose almost half of a US cent after the release of surprisingly strong jobs figures at 1130 AEDT.

The unemployment rate stayed steady at 6.0 per cent in February, but the total number of people with jobs rose by 47,300, much more than economists had forecast.

Combined with easing risk aversion linked to ongoing concerns about China's economy and financial system, the data helped lift the Aussie from its previous downward trend, Easy Forex currency dealer Tony Darvall said.

"The market has had two months of bad jobs numbers and this one has had a really good rebound and as a result, the dollar has shot higher," he said.

"The Aussie is now on a relief rally and it's on the cards to move higher to 92 or 93 cents."

Provided troubles in Ukraine don't escalate and hurt risk appetite, the Aussie would mostly likely continue to climb, Mr Darvall said.

Meanwhile, Australian bond futures prices are weaker.

At 1200 AEDT on Thursday, the March 2014 10-year bond futures contract was trading at 95.855 (implying a yield of 4.145 per cent), down from 95.880 (4.120 per cent) on Wednesday.

The March 2014 three-year bond futures contract was at 96.945 (3.055 per cent), down from 97.020 (2.980 per cent).


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