Lower Australian Unemployment Weighs on Euro Australian Dollar Exchange Rate
A better-than-expected improvement in the Australian unemployment rate helped to push the Euro to Australian Dollar (EUR/AUD) exchange rate.
While forecasts had pointed towards the unemployment rate falling in January the dip from 6.6% to 6.4% gave the Australian Dollar (AUD) a solid boost against its rivals.
Although unemployment remains high by historical standards investors still took encouragement from the fact that the labour market has shown signs of strengthening at the start of 2021.
However, the gains of AUD exchange rates were ultimately limited by the underlying details of the jobs report.