Australian employment outpaced forecasts for a second month in December pushing the jobless rate to a nine-month low, a much-needed improvement that could forestall a near-term cut in interest rates.

The local dollar climbed 0.47% to $0.6874 as the market pared the chance of an easing from the Reserve Bank of Australia (RBA) at its next policy meeting on Feb. 4.

Thursday’s data showed 28,900 net new jobs were created in December, beating forecasts of 15,000 and on top of a surprisingly strong 38,400 gain in November.

The unemployment rate edged down a tick to 5.1%, the lowest reading since march last year and again under forecasts.

Source: Reuters