- In the month of June, Australia’s net employment rose by a staggering 32,600.
- The current market sentiment favors the bulls, with both short and long-term momentum in their favor.
The Australian dollar has surged, driven by an impressive employment report that far exceeded expectations. In the month of June, Australia’s net employment rose by a staggering 32,600 compared to the previous month, surpassing estimates by more than double.
This development propelled the Aussie currency up by over 0.9%, reaching an intra-day high of $0.6834. The New Zealand dollar also rode the wave, gaining 0.57% to reach $0.6299. Both Antipodean currencies are now poised to reverse the losses incurred over four consecutive trading sessions.
32,600 Jobs Added! Aussie Dollar Skyrockets! by BlackBull_Markets on TradingView.com
The current market sentiment favors the bulls, with both short and long-term momentum in their favor. Price action is trading above the 50 and 200-day moving averages, reinforcing the positive outlook for the Australian dollar.
Elsewhere in the currency market, the sterling is doing its best to counter deep losses following a sharp fall in the previous session. The decline was prompted by Britain’s inflation data, which fell short of market expectations.
The British pound managed a modest recovery, trading 0.15% higher at $1.2958 in the latest session.
