Forex
Australian Dollar Weakens on Disappointing Jobs Report
The Australian Dollar weakened against major currencies following the release of disappointing domestic employment figures.
The Australian Bureau of Statistics reported 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 Reserve Bank of Australia (RBA) had previously signaled that its decisions would be data-dependent, and this release gives policymakers more reason to hold rates steady at their next meeting.