Forex
AUD Tumbles on Weak Jobs Data, Rate Hike Odds Fall
The Australian Dollar retreated on Thursday after the release of weaker-than-expected domestic employment figures.
The jobs report, published by the Australian Bureau of Statistics, showed that the economy added only 3,900 jobs in the latest month, significantly below the 20,000 forecast, while the unemployment rate ticked up to 4.1% from 4.0%.
The AUD/USD pair fell by 0.4% to 0.6540 in the immediate aftermath of the data release, reversing earlier gains.
The RBA's hawkish stance has been based on persistent inflation and a tight labor market, but this weaker jobs report adds to evidence that the economy is slowing under the weight of high interest rates.