Forex News Australia – Better than expected job data

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Forex News: Australian Dollar holds steady after Greek NewsAustralia’s Unemployment Rate came out in line with the expectations at 4.9%, while the rate for May was again 4.9%, remaining steady for fourth consecutive month. Nevertheless, Australia in June added 23400 jobs, 8400 more than it was polled. As it was reported the jump in employment was a result of a rise of 59000 full time jobs, despite the loss of 35600 part time jobs, resulting to a net gain of 23400 new jobs during the previous month. The improvement in Employment Change data was the biggest and most convincing in three years. Upon the announcement of the labor market data the AU Dollar surged against its major counterparts, indicatively versus the greenback the Australian Dollar gained some 58 pips within 10 minutes to hit a session high of 1.0750, depreciating the losses from China’s rate hike yesterday (China is the major importer of Australian commodities). Currently the AUDUSD pair is trading slightly lower from the peak of 1.0750 at 1.0739. The AU Dollar is widely expected to climb higher against other major currencies, as it is bolstered by strong economic data which were released the last few days.