The Australian Dollar weakened against many of its most traded peers after data showed that employers in the country added fewer jobs than economists had forecast in September.
According to the Australian Statistics bureau only 9,100 new jobs were created in September, well below the 15,000 forecasted by economists. The currency’s declines would probably have been more severe however if the overall unemployment rate in the country hadn’t fallen from the four year high level of 5.8% seen in August to 5.6% in September.
As a result of the fall in the unemployment rate caused investors to raise their bets that the Reserve Bank of Australia will now choose to refrain from cutting interest rates in November.
“Today’s data and the slight improvement in the suite of other labour market indicators are consistent with the RBA being on hold for several months, The recent improvement in confidence and stabilisation in labour market conditions is welcome, but is still only tentative evidence that economic activity is improving from below-trend rates rather than just stabilising” ANZ senior economist Justin Fabo said.
The unemployment rate may have fallen to a level last seen in May but the participation rate – the percentage of people either in work or looking for work – continued to slide over the past few months to hit 64.9% in September, an almost seven-year low.
The Australian economy is under pressure from the slowdown in the mining boom.
Current Australian Dollar (AUD) Exchange Rates
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The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9432 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6980 <
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1425 >
The Australian Dollar/ Pound Sterling Exchange Rate is currently in the region of: 0.5917 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4326 >
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6897 >
The US Dollar/ Australian Dollar Exchange Rate is currently in the region of: 1.0601 >
Correct as of 09:45 am GMT
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