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Forex News: Falling Jobless Rate Buoys Australian Dollar

Falling Jobless Rate Buoys Australian Dollar

10/17/2019 - 02:59:00 (RTTNews)

(RTTNews) - The Australian dollar traded higher against its major counterparts in the Asian session on Thursday, as a reduction in the nation's unemployment rate in September dimmed hopes of another rate cut from the Reserve Bank of Australia next month.

Data from the Australian Bureau of Statistics showed that Australia's unemployment rate came in at a seasonally adjusted 5.2 percent in September.

That was shy of expectations for 5.3 percent, which would have been unchanged from the August reading.

The Australian economy added 14,700 jobs last month, below forecasts for 15,000 following the increase of 34,700 jobs in the previous month.

Reserve Bank of Australia Deputy Governor Guy Debelle said the construction activity is set to continue its downward trend and the effect on the broader economy is somewhat more than expected.

Much of the downturn in construction activity is still ahead, he said in a speech. "We are forecasting a further 7 per cent decline in dwelling investment over the next year, and there is some risk the decline could be even larger."

The aussie advanced to a 3-day high of 0.6791 against the greenback, from Wednesday's closing value of 0.6758. On the upside, 0.71 is likely seen as the next resistance level for the aussie.

The aussie spiked up to a 6-day high of 73.86 against the yen, compared to 73.52 hit late New York Wednesday. The aussie is poised to find resistance around the 75.00 region.

The Australian currency firmed to 2-day highs of 0.8966 against the loonie and 1.6310 against the euro, up from yesterday's closing quotes of 0.8921 and 1.6377, respectively. The aussie is seen locating resistance around 0.92 against the loonie and 1.60 against the euro.

The aussie strengthened to 1.0793 against the kiwi after the data, its strongest since October 1, and held steady thereafter. The next possible resistance for the aussie lies around the 1.10 mark.

Looking ahead, U.K. retail sales data for September and Eurozone construction output for August are due in the European session.

U.S. weekly jobless claims for the week ended October 12, building permits, housing starts and industrial production, all for September, will be featured in the New York session.

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