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The unemployment rate falls to 4%, its lowest level since 2008

Australia created 77,400 jobs in February, a figure that doubles the 37,000 expected by the market, and which notably improves on the 28,300 jobs created in January (figure strongly revised upwards from 12,900). The country has been generating employment for four consecutive months, with February being its highest level since November.

The Australian unemployment rate fell two tenths in February, falling to 4% from 4.2% previously and improving on the 4.1% forecast. This is the lowest percentage of unemployment seen in the country since February 2008, when it was also 4%.

In total, Australia has generated 121,900 full-time jobs in February, its strongest month for summer tourism. Part-time jobs fell by 44,500.

AUD/USD reaction

After the data, AUD/USD rose to its highest level in the last six days, 0.7321. Subsequently, the pair lost ground and fell back to 0.7825, but at the European open it strengthens again and trades above 0.7308, gaining 0.27% daily.

Source: Fx Street

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