Australia's jobless rate fell to a near eight-year low in February as a bum...
SYDNEY - Australia’s jobless rate fell to a near eight-year low in February as a bumper run in employment extended, sending the local dollar sharply higher on expectations the country’s central bank won’t cut interest rates any time soon.
Although February’s performance was a pale shadow to the downwardly revised 38,300 employment growth recorded the previous month, the data showed the overall trend in the labor market was still positive. The Australian dollar jumped 0.6 percent to $0.7155, near a one-month high as the data tempered market expectations that the Reserve Bank of Australia would cut the benchmark interest rate from its current record low.
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