Australian Dollar surges broadly as June employment data came in strong on all front.
Headline job grow jumped to 50.9k seasonally adjusted , well above expectation of 16.6k. Prior month’s figure was also revised slightly up by 12k to 13.5k. Full time jobs grew 41.2k while part time jobs also rose 9.7k. Together with the surge in full time jobs, total hours worked rose 0.6%
Unemployment rate remained unchanged at 5.4%. But without rounding, it’s actually the at its lowest since November 2012. Labor force participation rate rose 0.2% to 65.7%. Employment to population ratio also rose 0.2% to 62.1%.
Also from Australia, NAB Quarterly Business Confidence dropped to 7 in Q2.
AUD/NZD rebounded ahead of 1.0844 support and retained near term bullishness in the cross. Price actions from 1.0991 short term top now look more like a consolidation pattern. Focus is back on 61.8% retracement of 1.1289 to 1.0486 at 1.0982. Firm break there will resume the whole rise from 1.0486.
