Australian Dollar Rises on Stronger Employment Numbers, Next Up is the Canadian Dolla

[DailyFx]

The best performing currencies today were the Canadian, New Zealand and Australian dollars.



Despite the drop in the employment component of the service and manufacturing PMI report, job growth in Australia increased more than expected in the month of June. The 29k rise completely reversed the 25k drop from the previous month. Although the Australian labor market is in far better shape than the labor market in the US, the sharp jump is partially attributed to a smaller sample size. Canada will be releasing employment numbers tomorrow. Consumer confidence has been plummeting, but the sharp rise in the IVEY PMI report suggests that traders should not rule out good numbers. Finally, the New Zealand dollar is higher despite a decline in the business PMI index.