Here's Why AUD/USD Hits 70 Pips This Morning!

<p>&nbsp;The Aussie dollar rose in the Asian session after getting support from stronger Australian jobs data and China's move to curb its currency's fall.</p><p><br /></p><p>A report released on Thursday morning showed Australian jobs beat expectations for the second month in a row in June, rising by 32,600 against forecasts for an increase of just 15,000.</p><p><br /></p><p>Further reinforcing the indication that Australia's labor market is strong, is the unemployment rate which remained at a record low of 3.5%, missing expectations for an increase of 3.6%.</p><p><br /></p><p>As a result, it supports the chance for the Reserve Bank of Australia (RBA) to continue to implement an increase in interest rates.</p><p><br /></p><p>If next week's Australian inflation data shows consumer prices remain strong, then there is little to stop the central bank from continuing to tighten.</p><p><br /></p><p><br /></p><p>This in turn pushed the Aussie dollar to jump almost 1% against the US dollar to trade firmly at 0.6837, at the time of writing.</p><p><br /></p><p>Also dragging it along, was the New Zealand dollar which also showed an increase of around 0.6% to trade high at around 0.6300 against the greenback.</p><p><br /></p><p>In Asia, China's central bank (PBOC) has kept its lending benchmark unchanged, with the one-year loan prime rate (LPR) remaining at 3.55% and the five-year LPR at 4.20%.</p><p><br /></p><p>However, what surprised the market was when it set the yuan's reference rate lower than expected and eased cross-border financing allowing for more foreign capital inflows.</p><p><br /></p><p>**LPR is the benchmark interest rate used in China, set by the PBOC every month. Serves as a reference rate for banks when determining interest rates for loans (especially new ones) issued to their customers.</p>