AUD/USD drops to 0.94 after Jobs Growth Data

Australia’s dollar weakened as employers in the nation added fewer jobs than economists forecast last month, offsetting the impact of a lower-than-expected unemployment rate.

The Aussie pared gains versus its 16 major counterparts after the statistics bureau said the participation rate declined to 64.9 percent from 65 percent, even as full-time and part-time positions rebounded. New Zealand’s currency weakened after a report showed manufacturing expanded at a slower pace in September.

“Full-time jobs growth is only moderate at best and the participation rate declined,” said Jonathan Cavenagh, a currency strategist at Westpac Banking Corp. (WBC) in Singapore. “That tempers my bullishness on the Aussie.”


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.