AUD Tumbles to New Lows as Aussie Jobs Data Disappoints

The Australian Dollar has dropped to its lowest level since August 7 after Australia's monthly jobs data showed weaker-than-expected numbers. The AUD/USD pair fell to around 0.7025, but lacked follow-through selling and held above the 200-day Simple Moving Average (SMA) support at 0.7022.

The Australian Bureau of Statistics reported a gain in employment of 39K in August, beating expectations of 20K. However, this positive headline was offset by a decline in full-time jobs and an increase in the Unemployment Rate to 4.6%, from 4.5% in July.

This comes as Australia's flash PMIs showed a slowdown in services activity and a contraction in the manufacturing sector, tempering expectations of a rate hike by the Reserve Bank of Australia (RBA) next week.