Australian Jobs Boom: Unemployment Hits 3.7%, Employment Surges 116K

Australia's Unemployment Rate dropped to 3.7% in February (vs 4.0% expected and 4.1% prior)

Employment Change was 116.5K in February (vs 40.0K expected and 0.5K in January)

The data signals a still tight labor market, reducing chances of RBA rate cuts

AUD/USD rose on the news, now trading at 0.6608, up 0.33% on the day

The Australian Dollar was strongest against the New Zealand Dollar in percentage change today