Australian Unemployment

The Australian Dollar rose against all major currencies on Wednesday, weighing on GBP/AUD along the way, after local labour market figures surprised on the strong side of expectations for July.

The New Zealand Dollar entered the penultimate session of the week on the front foot and at the top of the major currency board while the Australian Dollar trailed near the back of the pack, though not quite as far behind as an underperforming Pound and Norwegian Krone. 

The Australian Dollar was dealt an additional setback Thursday when official statistics revealed a further deterioration in the jobs market for the month of May, although the data has merely dented sentiment and is seen as unlikely to derail the antipodean currency's recovery. 

The Australian Dollar was supported on Thursday by jobs data that appeared to show the Aussie labour market in good health and by Federal Reserve hints that it will not raise U.S. interest rates this year, but financial markets are still concerned the Reserve Bank of Australia (RBA) could cut its rate this year. 

The Australian Dollar collapsed during the overnight session into Thursday after a strong labour market report proved insuffficient in preventing leading economists from warning the Reserve Bank of Australia (RBA) will likely cut interest rates twice this year.

The Australian Dollar slumped to a three-week low Thursday after an apparently strong labour market report for December was overshadowed by National Australia Bank (NAB) having joined other major lenders in hiking its variable mortgage rates, stoking fears for the housing market and economy. 

The Australian Dollar was a notable underperformer Thursday after solid labour market statistics proved unable to arrest a decline sparked by the ongoing concerns about the housing and global financial markets.

The Australian Dollar swept higher against all rivals Thursday after official data showed the Antipodean labour market going from strength-to-strength in October, but some analysts are warning that things might already be about as good as they are likely to get for the Aussie currency.