Aussie cuts its gains despite strong unemployment data

Aussie rose on today after strong economic data including a drop in unemployment to an eight-year low, but later reduced its gains as the US dollar regained its strength.

Australia's unemployment rate fell to 4.9% - the lowest level since 2011 - in February, compared to expectations of a 5% .

Analysts expected the central Bank of Australia to raise interest rates again soon on the decline in the unemployment rate.

In addition, the Australian economy added 4,600 jobs last month, while a Reuters survey forecaste it added 14,000 jobs in February.

By 14:44 GMT, US dollar (against a number of major currencies) rose by 0.4% to 96.3 points , with a high of 96.3 points and a low of 95.8 points.

Meanwhile, by 14:53 GMT, Australian dollar rose against the US currency by 0.1% to 0.712, its highest price of the day at 0.7168 and the lowest at 0.7113.