The Australian Dollar softened against many of its most traded peers including the Pound and Euro on Wednesday as economists forecast that tomorrow’s Australian jobs data release will show that unemployment in the country rose to its highest level in four years.
Economists are predicting that Australia’s unemployment rate rose to 5.8% in July, up from the 5.7% recorded in June. If true it would be the highest unemployment rate recorded since 2009. The rise is being blamed on the slowdown of the nations mining boom.
The ‘Aussie’ fell from its strongest level in a month against the US Dollar as Asian stocks fell, reducing the demand for higher yielding assets. The currency was also weighed upon by the US Federal Reserve’s attempts to soften up the markets ahead of its tapering of its quantitative easing programme and comments made by Reserve Bank of Australian board member who said that the ‘Aussie’ is still too high.
The currency briefly strengthened yesterday after the RBA announced a widely expected cut in interest rates.
“The Aussie seemed to get a new lease of life after the RBA statement on Tuesday with the Central Bank appearing to be in no rush to cut again soon, Should we see stronger than expected domestic employment data on Thursday, this could see the Australian Dollar reclaim further ground. In addition, upcoming Chinese data on Friday will likely have a significant influence” said CMC Markets senior trader Tim Waterer.
Current Exchange Australian Dollar (AUD) Rates
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The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.8940 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6734 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5841 <
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1324 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1184 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4848 >
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7118 >
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8830 >
Correct as of 11:00 am GMT
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