Aussie Strengthens After July Employment Growth Beats Forecasts

Australia’s dollar rose after data showed employment growth beat analysts’ forecasts last month.

The Aussie climbed 0.3 percent from Wednesday to 76.77 U.S. cents as at 11.32 a.m. in Sydney.

The nation added 26,200 jobs, compared with the median forecast of 10,000 in a Bloomberg survey. The unemployment rate declined to 5.7 percent from 5.8 percent.

Reserve Bank of Australia policy makers noted there was “considerable uncertainty about momentum in the domestic labour market” in the minutes of their Aug. 2 meeting, when they cut the benchmark interest rate to a record 1.5 percent. Futures are pricing in 47 percent odds of another rate reduction this year.

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