(MENAFN- DailyFX) Talking Points:
Australian Dollar rallies versus its major peers on July's employment report Gains from the full time sector (+62.0k) outweighed losses from part time (-48.0k) The participation rate also edged higher to 65.0%, marking about a 1.5 year high See how the Australian Dollar is viewed by the trading community at the DailyFX .
The Australian Dollar enjoyed more gains against its major counterparts after the release of July's relatively positive employment report. On the whole, Australia added 14.0k positions, just shy of the 15.0k estimate. In addition, the unemployment rate held steady at 5.6 percent, as expected.
Investors' rosy reading of the data seemed to owe to gains in the full time sector amounting to +62.0k. This far outpace losses from the part time division which clocked in at -48.0k. To add to the bright mood, Australia's labor force participation rate edged higher to 65.0%, the highest in just about 1.5 years.
While the RBA has held a neutral view on its monetary policy outlook, the markets are pricing in a better than even chance of a rate hike by April 2018. In addition to the data's implications for RBA monetary policy bets, it also likely encouraged yield-seeking capital flows, of which the Aussie has been a .
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