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Weekly Roundup: Surprise unemployment rate drop fails to shore up Australian dollar

currency-newsWeekly Roundup: Surprise unemployment rate drop fails to shore up Australian dollar
Investors were caught off guard by the news that the Australian unemployment rate had dropped from 5.3% to 5.0% in September, although AUD exchange rates failed to capitalise on the data.

The decline was partly driven by a fall in the corresponding participation rate, indicating that a smaller number of Australians are now active within the labour market.

As a result, the employment data was not quite as positive in nature as it might have seemed, leaving the Australian dollar on a downtrend.

Stronger-than-expected New Zealand consumer price index data helped to shore up the New Zealand dollar, meanwhile, as the odds of a Reserve Bank of New Zealand (RBNZ) interest rate cut diminished.

However, if New Zealand trade data fails to impress this could see NZD exchange rates come under renewed pressure.

In the absence of any major Australian data releases the Australian dollar may struggle to recover its losses this week.

Unless market risk appetite picks up significantly AUD exchange rates are likely to remain on a weaker footing.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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