AUD/USD Drops to 0.7650 after Jobs Data

Australia’s economy unexpectedly lost jobs in January while the unemployment rate spiked to levels not seen in 13 years, data showed on Thursday, sending the Australian dollar crumbling.

The number of people employed shrank 12,200 in the month, according to figures from the Australian Bureau of Statistics, versus a Reuters poll expecting an addition of 5,000 jobs.

That pushed the the jobless rate up to 6.4 percent, the worst showing since August 2002 and much higher than the 6.2 percent print expected. Unemployment had been stuck in a range of 6.1-6.3 percent since June last year.

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