Australian Dollar Weakens After Employment Data Release
The Australian Dollar (AUD) fell against the US Dollar (USD) on Thursday after the release of national employment data. The AUD/USD pair weakened as the jobs report was worse than market expectations, causing the AUD to lose some of its gains in the previous session.
The Australian Bureau of Statistics reported that employment change in September rose by only 14,900, below market expectations of 17,000. Meanwhile, the unemployment rate rose to 4.5% from 4.3% in August. This increase indicates that the Australian labor market is beginning to loosen and could put additional pressure on the AUD exchange rate.
However, comments from Reserve Bank of Australia (RBA) official Sarah Hunter somewhat curbed the AUD's decline. She said the latest economic data showed slightly stronger conditions than expected. She also stated that inflation in the third quarter would likely be higher than previously projected.
However, Hunter also emphasized that global economic uncertainty remains high and the central bank will adjust policy if necessary. He expects consumer spending to slow slightly in the third quarter. The combination of weak domestic data and US-China trade tensions has kept the market cautious about AUD movements. (asd)
Source: Newsmaker.id
