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Forex News: Australian Dollar Underperforms On Weak Jobs Data

Australian Dollar Underperforms On Weak Jobs Data

02/20/2020 - 02:54:00 (RTTNews)

(RTTNews) - The Australian dollar traded lower against its most major counterparts in the Asian session on Thursday, as rising jobless rate in January bolstered hopes for a rate cut by the Reserve Bank of Australia.

Data from the Australian Bureau of Statistics showed that Australia unemployment rate rose a seasonally adjusted 5.3 percent in January.

That exceeded expectations for 5.2 percent and was up from 5.1 percent in December.

The Australian economy added 13.500 jobs last month to 12,995,400 people, again surpassing forecasts for a gain of 10,000 jobs following the gain of 28,900 jobs in the previous month.

Asian stock markets were mixed despite easing fears about the coronavirus outbreak and optimism of further stimulus measures by China to support its economy. On Thursday, China cut the one-year loan prime rate or LPR by 10 basis points in order to lower financing costs for businesses.

The aussie fell to 0.6630 against the greenback, a level unseen since March 2009. The aussie is seen finding support around the 0.62 mark.

The aussie was down against the yen at 73.79. The pair had finished yesterday's deals at 74.34. If the aussie falls further, it may find support around the 72.00 area.

The aussie tumbled against the loonie to the lowest since June 2010, at 0.8776. Versus the euro, the aussie dipped to a 9-day low of 1.6286. The next possible support for the aussie is seen around 0.85 against the loonie and 1.66 against the euro.

Although the aussie dropped to a 2-day low of 1.0429 against the kiwi after the data, it bounced back in a short while. At yesterday's close, the pair was worth 1.0452. Looking ahead, U.K. retail sales for January are due in the European session.

At 7:30 am ET, the European Central Bank publishes account of January 22-23 policy meeting.

In the New York session, U.S. weekly jobless claims for the week ended February 15 and leading indicators for January are scheduled for release.

At 10:00 am ET, Eurozone consumer sentiment for February is set for release.

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