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Forex News: Australian Dollar Higher Amid Upbeat Jobs Data, Credit

Australian Dollar Higher Amid Upbeat Jobs Data, Credit Suisse Liquidity Pledge

03/16/2023 - 05:37:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts on Thursday, as stronger-than-expected jobs data and a pledge by Swiss regulators to provide liquidity to Credit Suisse bolstered risk sentiment.

Data from the Australian Bureau of Statistics showed that the economy added 64,600 jobs last month, topping forecasts for an increase of 48,500 jobs after shedding 11,500 jobs in January.

The unemployment rate came in at a seasonally adjusted 3.5 percent in February.

That was beneath expectations for 3.6 percent and was down from 3.7 percent in January.

Credit Suisse announced that it would borrow up to 50 billion Swiss francs from the Swiss National Bank to improve liquidity.

Selling pressure eased following the announcement as fresh turmoil at Swiss lender raised concerns about the U.S. banking crisis spreading to Europe.

The aussie rebounded against the euro and was trading at 1.5951. The aussie may face resistance around the 1.53 level.

The aussie rose to 0.6662 against the greenback, 0.9150 against the loonie and 88.71 against the yen, from its early lows of 0.6606, 0.9094 and 87.82, respectively. The currency is seen facing resistance around 0.68 against the greenback, 0.93 against the loonie and 92.00 against the yen.

The aussie was up against the kiwi, at a 3-day high of 1.0784. On the upside, 1.09 is likely seen as its next resistance level.

Looking ahead, Canada wholesale sales data for January, U.S. building permits, housing starts, export and import prices, all for February, and U.S. weekly jobless claims data are due to be released in the New York session.

At 9:15 am ET, European Central Bank's monetary policy decision is due. Economists widely expect the bank to raise the benchmark refi rate by 50 basis points to 3.50 percent.

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