Aussie Dollar At Over A Week High On Upbeat Jobs Data

Published on Sep 14, 2023 12:10

The Australian dollar surged to over a week`s high on Thursday following an upbeat employment report. Australia employment surged by 64.9 thousand to 14.11 million, more than market forecasts of a 23 thousand gain, rebounding from a 1.4 thousand fall in July. The seasonally adjusted unemployment stood at 3.7% in August 2023, unchanged from July`s three-month high. The dollar index staying muted after US CPI inflation data is also supporting the pair. The annual headline inflation rate in the US rose for a second consecutive month to 3.7% in August, exceeding market expectations of 3.6%. Meanwhile, the annual core inflation print, which has a heavier weight for central bank policy decisions, slowed to 4.3% in August from 4.7% in July. AUDUSD is currently quoting at $0.6443, up 0.4% on the day and its highest level in more than a week. However, a milder inflation expectation that is at a 5-month low is taking out some steam form the pair. Consumer inflation expectations in Australia eased to 4.6% in September 2023 from 4.9% in the previous month, hitting its lowest reading since April.