Investing.com - The Australian dollar rose to a seven-day high against its U.S. counterpart on Thursday, boosted by better-than-expected Australian employment data while investors remained focused on developments in the euro zone.
AUD/USD hit 1.0386 during late Asian trade, the pair’s highest since April 3; the pair subsequently consolidated at 1.0378, rising 0.77%.
The pair was likely to find support at 1.0247, the low of April 10 and resistance at 1.0464, the high of April 3.
Official data showed earlier that the Australian economy added 44,000 jobs in March, beating expectations for a 6,400 rise and following a 15,400 decline the previous month.
The report also showed that Australia’s unemployment rate remained unchanged at 5.2% in March, better than expectations for a rise to 5.3%.
The data came after a report by the Melbourne Institute showed that inflation expectations for Australia rose to 3.3% from 2.7% in February.
The Aussie also found support as euro zone debt concerns slightly eased after the European Central Bank hinted at the possibility of more bond buying.
Meanwhile, investors remained cautious as Italy was preparing to sell EUR5 billion of three-year government bonds later in the day, after seeing its one-year borrowing costs rise for the first time since November in a poorly received debt sale on Wednesday.
Elsewhere, the Aussie was higher against the euro with EUR/AUD shedding 0.53%, to hit 1.2660.
Later in the day, the U.S. was to produce official data on the trade balance and initial unemployment claims.
AUD/USD hit 1.0386 during late Asian trade, the pair’s highest since April 3; the pair subsequently consolidated at 1.0378, rising 0.77%.
The pair was likely to find support at 1.0247, the low of April 10 and resistance at 1.0464, the high of April 3.
Official data showed earlier that the Australian economy added 44,000 jobs in March, beating expectations for a 6,400 rise and following a 15,400 decline the previous month.
The report also showed that Australia’s unemployment rate remained unchanged at 5.2% in March, better than expectations for a rise to 5.3%.
The data came after a report by the Melbourne Institute showed that inflation expectations for Australia rose to 3.3% from 2.7% in February.
The Aussie also found support as euro zone debt concerns slightly eased after the European Central Bank hinted at the possibility of more bond buying.
Meanwhile, investors remained cautious as Italy was preparing to sell EUR5 billion of three-year government bonds later in the day, after seeing its one-year borrowing costs rise for the first time since November in a poorly received debt sale on Wednesday.
Elsewhere, the Aussie was higher against the euro with EUR/AUD shedding 0.53%, to hit 1.2660.
Later in the day, the U.S. was to produce official data on the trade balance and initial unemployment claims.