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.”