AUD Unemployment Rate Falls at 5.1%, Aussie Back to Gains - 6.9.2012

The Australian Unemployment Rate dropped unexpectedly to 5.1 per cent in August down from 5.2 per cent in July, decreasing by 0.1 per cent according to Australian Bureau of Statistics. Unemployment fell as participation rate reduced by 0.2 per cent to 65.0 per cent and the number of persons looking for part-time work decreased by 23,400. Market participants were expecting the Unemployment Rate to increase by 0.1 per cent but surprisingly fell by 0.1 per cent. The Aussie bounced up against the US dollar from 1.0170 to 1.0228 amid better than expected jobs data, recovering from the previous two trading session’s losses. The Aussie was also supported by the Draghi’s possible plan to start buying short-term bonds. ECB press conference later today is well anticipated for further details.