Australian Dollar Weakens After Downbeat Jobs Data
June 17 2020 - 10:26PM
RTTF2
The Australian dollar moved down against its major counterparts
in the Asian session on Thursday, as the nation's unemployment rate
jumped in May amid virus crisis.
Data from the Australian Bureau of Statistics showed that the
unemployment rate in Australia came in at a seasonally adjusted 7.1
percent in May - missing forecasts for 7.0 percent and up from the
upwardly revised 6.4 percent in April (originally 6.2 percent).
The Australian economy shed 227,700 jobs last month to
12,154,100 - again missing estimates for a decline of 125,000
following the loss of 594,300 in the previous month.
Full-time employment decreased 89,100 to 8,540,000 people and
part-time employment decreased 138,600 to 3,614,100 people.
The aussie dropped to a 2-day low of 0.6837 against the
greenback and a 3-day low of 72.99 against the yen, after rising to
0.6897 and 73.83, respectively in early deals. The aussie is seen
finding support around 0.65 against the greenback and 70.00 against
the yen.
The aussie edged down to 1.6422 against the euro and 0.9302
against the loonie, from its early highs of 1.6308 and 0.9349,
respectively. The aussie may challenge support around 1.67 against
the euro and 0.92 against the loonie.
The aussie fell back to 1.0645 against the kiwi and held steady
thereafter. This may be compared to a 3-day low of 1.0633 seen
earlier in the session. The pair ended yesterday's deals at
1.0659.
Looking ahead, the Swiss National Bank's monetary policy
announcement will be out at 3:30 am ET. Economists widely expect
the central bank to maintain policy rate at -0.75 percent.
The Bank of England's interest rate announcement is due at 7:00
am ET. The BoE is widely expected to hold its benchmark bank rate
at 0.10 percent and expand the asset purchase program to GBP 745
billion from GBP 645 billion.
Canada new housing price index for May and wholesale sales for
April and U.S. weekly jobless claims for the week ended June 13 are
due in the New York session.
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