Weak Jobs Data Weighs on Aussie Dollar

08 December 2011 - Which Way to Pay

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Weak Jobs Data Weighs on Aussie Dollar

The Aussie dollar fell half a US cent following the release of disappointing employment data but recovered as the market focused on the European financial crisis. The unemployment rate in Australia rose to 5.3% throughout November from 5.2% in October, according to Australian Bureau of Statistic.

Total employment fell by 6300 in November, much weaker a figure than market predicted for a rise of 10,000 jobs. Easy Forex senior dealer Francisco Solar said it was not a surprise the Aussie dollar fell after the release of the weak jobs data."The unemployment disappointed a little bit and the employment numbers disappointed a whole lot," he said.

The local unit fell to an intraday low of 102.29 US cents.By 5pm (AEDT) the Australian dollar was trading at 102.64 US cents, down slightly from 102.68 cents yesterday.Mr Solar said the market was focused on the eurozone government debt crisis and it was more of a driver for the Australian dollar than local jobs data.

"So as quickly as it dropped, the market took a reality check and realised what's going to happen tonight with the ECB (European Central Bank) and the EU meeting (in Brussels on eurozone debt) has a bit more of a bearing," he said.

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