Australian Dollar Lower After Disappointing Jobs Data
November 13 2019 - 9:10PM
RTTF2
The Australian dollar declined against its major counterparts in
the Asian session on Thursday, as a data showed that the nation's
employment unexpectedly fell in October, while the jobless rate
rose.
Data from the Australian Bureau of Statistics showed that
Australia jobless rate rose a seasonally adjusted 5.3 percent in
October from 5.2 percent in September. That was in line with
economists' expectations.
The seasonally adjusted number of employed persons decreased by
19,000 in October to a three-month low of 12.91 million.
Economists had expected a 15,000 increase. In the previous
month, employment grew by a downward revised 12,500 persons.
Sentiment deteriorated on trade uncertainty after the Wall
Street Journal reported that trade talks have hit a snag over
Chinese purchases of U.S. agricultural products.
Data that showed China's industrial production for October
missed estimates and Japan's economic growth touched a one-year low
in the third quarter also weighed.
The aussie slipped to a 2-1/2-month low of 1.0625 against the
kiwi, from Wednesday's closing value of 1.0665. The next likely
support for the aussie is seen around the 1.05 level.
The aussie declined to a 4-week low of 0.6796 against the
greenback, compared to 0.6838 hit late New York Wednesday. The
aussie is seen finding support around the 0.63 region.
The Australian currency depreciated to a 4-week low of 73.82
against the yen, from yesterday's closing quote of 74.41. The
aussie may challenge support around the 70.00 level.
The aussie fell to 1.6193 against the euro, its weakest since
November 1. The aussie is poised to find support around the 1.64
area.
The aussie that ended Wednesday's trading at 0.9061 against the
loonie dropped to a new 2-week low of 0.9010. Should the aussie
slides further, it may target support around the 0.89 level.
Looking ahead, German GDP data for the third quarter and Swiss
producer and import prices for October are slated for release in
the pre-European session.
U.K. retail sales for October, Eurozone GDP and unemployment
data for the third quarter are due out in the European session.
In the New York session, Canada new housing price index for
September, U.S. producer prices for October and weekly jobless
claims for the week ended November 9 will be featured.
At 10:00 am ET, Federal Reserve Chair Jerome Powell will testify
on the economy before the House Budget Committee in Washington
DC.
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