Strong Jobless Data Strengthens Aussie To New Highs Across The Board, Thursday, June 07, 2007 12:09:19 AM

The Australian dollar rallied across the board during early Australian trading on Thursday. The rise in the Aussie took place as the strong jobless data for May increased the speculation of a rate hike by the Reserve Bank of Australia in the near future.

Largely, from May 29th, the Australian currency was on its upward trend against its counterparts. While the trend helped the Aussie to hit new multi-year highs against the dollar and the yen, it reached a 17-month high versus the euro. Against the Canadian dollar, the Australian currency moved off a 1 Ѕ-year low and has been lately trading near a 2-week high.

The Australian dollar moved in a loose range against the major counterparts in late New York trading on Wednesday. In the early Australian session, the Aussie spiked amid data release from the economy.

Despite a weak construction sector data from the Australia Industry Group, which was released at 7:50 pm ET, the Aussie trended upwards against the greenback. Later, at about 9:30 pm ET, the Australian currency made a sharp surge, driven by the jobless data for May. After strengthening to 0.8475 from 0.8403 in the session, the pair has been moving sideways between 0.8460 and 0.8475. This is a new multiyear high for the pair.

The Australian currency moved sideways against the euro during late New York trading on Wednesday. However, in the early Australian session on Thursday, the pair rallied, mostly driven by the Australian jobless data that showed a better-than-expected result for May. The pair strengthened to 1.5933 from 1.6062 in the session and has been moving sideways, of late. The surge helped the Aussie to cross a 15-month resistance and has been currently moving in a 17-month high with an upside target of 1.560.

During late North American trading, the Australian currency moved sideways in a loose range against its Canadian counterpart limiting between 0.8887 and 0.8912 largely. However, in the early Australian session, the pair surged, supported by a strong employment data from Australia. Amid the release, the pair strengthened to 0.8960 which constitutes a 2-week high for the pair. The Aussie has been improving from a 1 Ѕ year low since May 29th and is currently targeting 0.9080 on the upside. .

Against the Japanese yen, the Aussie moved sideways during late New York trading on Wednesday. However, the pair rallied in the early Asian session, largely influenced by the strong Australian jobless data for May. Rising from 101.65, the pair touched a new multi-year high of 102.61 before settling to a tight range lately.

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