Aussie Tumbles Below $0.70 as Labor Market Figures Weaken Outlook

The Australian dollar experienced a decline to around $0.70, marking its lowest level in seven weeks.

This weakness was largely attributed to mixed labor-market figures that offered little clarity on the Reserve Bank's policy outlook.

The jobless rate rose to 4.6%, surpassing forecasts of a steady 4.5% and reaching its highest point since late 2021, while the economy added 39,500 jobs versus an anticipated 20,000 increase.

This report was the final major economic release before the Reserve Bank's September 28-29 meeting and suggested that the labor market may be softening, which could alleviate domestic inflation pressures.