Australia’s dollar jumped after the economy added about three times more jobs than analysts projected while New Zealand’s currency climbed after interest rates were raised from a record low. Asian stocks rebounded and copper futures resumed declines before Chinese factory data.
The Aussie gained 0.8 percent to 90.61 U.S. cents by 11:52 a.m. in Sydney, the biggest jump in a week. The kiwi rose to a trade-weighted record after rates were boosted from an all-time low. Emerging-market currencies from South Korea to Malaysia also rallied as the MSCI Asia Pacific Index rose 0.3 percent, rallying from a three-week low. U.S. stock-index futures rose 0.1 percent. Copper futures lost 0.1 percent, falling for the fourth time in five days and gold held near a six-month high.
Employers in Australia, which has struggled with deteriorating demand from China as Asia’s biggest economy slows, added 47,300 workers last month, with economists predicting an increase of 15,000. Neighboring New Zealand today became the first developed nation to exit record-low borrowing costs this year. China is projected to report slower growth in industrial output today after an unexpected drop in exports at the weekend fueled a rout in global equities and industrial metals.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.