The publication of Australian employment data provided additional support for the Aussie dollar after it benefited from rising global stocks, while gains in the kiwi dollar were limited following disappointing New Zealand economic data.
The Australian economy added 60,600 jobs in May, more than market expectations for an increase of just 25,000.
The unemployment rate was unchanged at a 50 -year low of 3.9%, slightly off the projection of a decline to 3.8%.
These recorded figures further strengthen market confidence that the Reserve Bank of Australia (RBA) will implement another 50 basis point hike in July to reach 1.35%.
Meanwhile in New Zealand, Gross Domestic Product (GDP) was reported to have contracted 0.2% against projections to grow by 0.6% and down from the previous quarter’s reading of 3%.
On an annual basis, the New Zealand economy grew only 1.2%, slower than the 3.1% increase a year ago.
The New Zealand economy was affected in the first quarter by the contagion of the Omicron variant causing several key industries such as agriculture, forestry and fisheries to be affected.
The goods manufacturing industry also experienced a slight decline, with exports of goods and services reported falling 14.3% quarter -on -quarter.
In the Asian session, the kiwi dollar traded flat at around 0.6300 while the Aussie dollar was at 0.7000 against the US dollar.
