SUBSCRIBE TO FEEDAussie leads the way higher in currency trading
Risk appetite is making a return to the forex market today as the Australian dollar leads risk currencies higher in trading. The Asian session saw an explosion of risk, while things grew a little more subdued during the European session. However, risk appetite remains healthy, in part due to the unexpectedly good news about Australian employment.
GFT’s Boris Schlossberg looks at Australia in FX360:
The increase in labor rolls was the highest since February of 2010 while the unemployment rate reached its lowest level in more than a year and the labor participation rate inched to 65.2% versus 65.1% in May. In a testament to the strength of its economy, Australia now enjoys the lowest unemployment rate amongst the G-20 countries as its resource based economy continues to boom on the back of demand from China.
It is no surprise, then, that the Aussie is finding currency trading support. Also helping risk appetite is likely the news that the IMF has revised its forecast for global growth upward, indicating that another global recession is unlikely in the immediate future.
See AlsoEconomic News and Forex TradingCurrency trading on the forex market
