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Australian Dollar Rises After Payrolls Gain More Than Forecast
The Australian dollar touched a four-month high for the third day this week as data showed the nation’s employers added more jobs in July than forecast.
The currency’s gains were limited as global risk appetite ebbed and U.S. stocks fluctuated. New Zealand’s currency fell against most of its 16 major counterparts as the nation’s unemployment rate rose to the highest level since 2010.
The Aussie dollar gained 0.1 percent to $1.0580 yesterday in New York and reached $1.0613, the highest level since March 20. The currency rose 0.2 percent to 83.14 yen.
New Zealand’s dollar, nicknamed the kiwi, for fell a third day, dropping 0.5 percent to 81.19 U.S. cents. It fell 0.2 percent to 63.80 yen.
Australian payrolls increased by 14,000, the statistics bureau said in Sydney yesterday, exceeding the 10,000 predicted in a Bloomberg News survey. The jobless rate fell to 5.2 percent from a revised 5.3 percent in June.
Employment unexpectedly fell in New Zealand in the second quarter, according to the country’s statistics agency in Wellington. Payrolls declined 0.1 percent from the first quarter, when they rose 0.4 percent. Economists surveyed by Bloomberg News forecast a 0.4 percent gain. The jobless rate increased to 6.8 percent, from 6.7 percent, exceeding the median economist estimate of 6.5 percent.
The Standard & Poor’s 500 (SPX) Index ended the day up less than 0.1 percent after falling 0.2 percent and rising 0.3 percent.
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