AUD Drops to 4 Year Low After 31,600 Jobs Lost in December

January 16, 2014 Share Print 0

The Australian dollar fell to its lowest point for almost four years on Thursday after figures showed that unemployment remained unchanged in December.

The currency fell from 88.94 US cents to 88.27 US cents within 10 minutes of the labour force data at 11.30am – its lowest level since July 2010 – and reached as low as 88.01 US cents at lunchtime.

Unemployment in December was unchanged at 5.8%, the Australian Bureau of Statistics’ seasonally adjusted figures showed on Thursday, with the total number of people in work falling 22,600 to 11.630 million in the month.

But full-time employment fell 31,600 to 8.068 million in December and part-time employment was up 9,000 to 3.562 million.

Despite the soft labour force market, economists do not expect further interest rate cuts.

via theguardian.com

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.