Investing.com – The Australian dollar fell against its U.S. counterpart on Thursday, after official data showed that Australia’s unemployment rate unexpectedly rose in August, adding to concerns over rate cuts by the country’s central bank.
AUD/USD hit 1.0572 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0602, shedding 0.55%.
The pair was likely to find support at 1.0481, Wednesday’s low and resistance at 1.0660, the day’s high.
The Australian Bureau of Statistics said the number of people employed fell by 9,700, confounding expectations for a 10,000 increase. That followed a revised 4,100 drop in July.
The unemployment rate climbed to 5.3%, the highest since October, from 5.1% in July. Analysts had expected the jobless rate to remain unchanged.
On Tuesday, the Reserve Bank of Australia held its benchmark interest rate at 4.75%, unchanged since November 2010.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.42% to hit 81.99.
Later in the day, the U.S. was to publish its weekly report on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak. In addition, U.S. President Barack Obama was to make a speech to Congress to propose new employment measures.
AUD/USD hit 1.0572 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0602, shedding 0.55%.
The pair was likely to find support at 1.0481, Wednesday’s low and resistance at 1.0660, the day’s high.
The Australian Bureau of Statistics said the number of people employed fell by 9,700, confounding expectations for a 10,000 increase. That followed a revised 4,100 drop in July.
The unemployment rate climbed to 5.3%, the highest since October, from 5.1% in July. Analysts had expected the jobless rate to remain unchanged.
On Tuesday, the Reserve Bank of Australia held its benchmark interest rate at 4.75%, unchanged since November 2010.
The Aussie was also lower against the yen, with AUD/JPY shedding 0.42% to hit 81.99.
Later in the day, the U.S. was to publish its weekly report on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak. In addition, U.S. President Barack Obama was to make a speech to Congress to propose new employment measures.