The Australian dollar dropped against the US dollar on Thursday, following the reports from the statistics office which showed the Australian labour market worsened, with the jobless rate rising to its highest in ten years.
The AUD/USD currency pair was trading around $0.9029, but later dropped 0.98% to $0.8937 after the report was released.
Australian Dollar – Australia’s Jobless Rate rises
The report released revealed that the unemployment rate climbed to 6.0% in January, compared to 5.8% seen a month earlier and exceeding analysts’ forecast of 5.9%, rising to the highest in ten years.
In January, approximately 7,100 full-time jobs were lost and 3,400 part-time jobs were added.
RBA Holds Benchmark Rate
Last week the Reserve Bank of Australia (RBA) said it would keep its benchmark rate as it is despite the weak labour market.
“Looking ahead, the Bank expects growth to remain below trend for a time yet and unemployment to rise further before it peaks,” according to a statement made by the RBA Governor Glenn Stevens.
“In the Board’s judgment, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.”
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