The Euro might be holding on to its recent gains ahead of the European Central Bank policy meeting, but the Australian Dollar gave up its advance against peers like the US Dollar during Australasian trading.
While the South Pacific currency briefly brushed a one-week high in the aftermath of positive domestic trade data, news that full-time employment fell by the most for over 12 months caused the ‘Aussie’ to soften against the majority of its most traded rivals.
Declining Asian stocks also weighed on the Australian Dollar.
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7013
The employment report showed that the Australian economy only added 1,100 jobs in October, far less than the 10,000 positions expected. The participation rate held at a revised 64.8 per cent and full time employment slumped by 27,900.
The result prompted this response from economist Gareth Aird; ‘Today’s jobs figures are largely consistent with the Reserve Bank of Australia’s view on near term labour market outcomes. We retain our previously held view that 2.5 per cent is likely to be the low point of the current easing cycle.’
Bets regarding the likelihood of the RBA issuing an additional rate cut have caused ‘Aussie’ fluctuations in recent weeks, but investors have pared the odds of a rate adjustment occurring before the end of the year.
The disappointing employment data saw the Australian Dollar plummet against a recovering Euro. If the European Central Bank omits references to further rate cuts in today’s policy statement the Euro could extend its advance on its Australian peer.
German industrial production figures will also be of interest to the AUD/EUR pairing.
Current Australian Dollar Exchange (AUD) Rates
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The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9485 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7013 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5895 <
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1337 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0544 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4267 >
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6963 >
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8830 >
Correct as of 08:50 am GMT
