Investors in the Asian session were surprised by a disappointing reading in Australian jobs data, making Aussie dollar trading plummet even more.
Australia’s unemployment rate unexpectedly rose to 5.2% in October from 4.6% previously recorded, according to a report released by the Australian Bureau of Statistics.
While jobs fell by 46,300 last month, making it a decline for the third consecutive month. The employment participation rate increased slightly to 64.7% from 64.5% previously.
This adds double pressure to the Aussie dollar, which was already weak at first due to the strong US dollar following the surge in US inflation.
At the time of writing, the Aussie dollar fell to a four -week low, trading around 0.7300 against the greenback.
Disappointing readings in this employment data have slightly dampened market expectations for an earlier interest rate hike from the Australian Central Bank (RBA).
Previously the market expected to see an earlier rate hike have increased, following strong Australian inflation data.
