News Column

Aussie Falls After Australia's Employment Declines Unxepectedly

June 11, 2014



CANBERA (Alliance News) - The Australian dollar weakened against the other major currencies in the Asian session on Thursday after the release of a report showing an unexpected decline in Australia's employment in May.

Data from the Australian Bureau Of Statistics showed that the number of employed people fell 4,800 over the month to 11,564,600. The number of full-time employees rose 22,200 while number of part-time employees fell 27,000 in May.

The number of unemployed people rose by 3,200 over the month to 717,100 in May. Out of the total, the number of unemployed looking for full-time work rose 9,000 to 529,700 and for part-time it decreased 5,900 to 187,400.

The unemployment rate came in at 5.8% in May, the same rate as in April and March.

Easing from an early multi-week high of 0.9411 against the US dollar, the Australian dollar dropped to a 2-day low of 0.9348. At yesterday's close, the aussie was trading at 0.9375.

Moving from an early high of 1.0952 against the NZ dollar, the Australian dollar fell to more than a 2-week low of 1.0812.

The Australian dollar retreated to a 2-day low of 1.4476 against the euro, from an early 6-1/2-month high of 1.4375. Yesterday's closing value of the euro-aussie pair was worth 1.4412.

The aussie eased to a 1-week low of 1.0158 against the Canadian dollar and a 6-day low of 95.38 against the yen, from early highs of 1.0223 and 95.96, respectively. The aussie closed yesterday's deals at 1.0194 against the loonie and 95.71 against the yen.

If the aussie extends its downtrend, it is likely to find support around 0.92 against the greenback, 1.07 against the kiwi, 1.00 against the loonie, 94.88 against the yen and 1.45 against the euro.



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Source: Alliance News


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