Thursday, January 16, 2014

Australian Dollar falls on the back of bad jobs numbers


The Australian dollar fell almost a cent to a 3½-year low of 88.09 US cents after the data was released.

"[The] disappointing jobs growth reflects how businesses have been slow to respond to RBA rate cuts," Moody's Analytics associate economist Katrina Ell said.

"The unemployment rate doesn't adequately capture weakness in the labour market due to outsized growth in part-time positions and falling participation. Unless the Australian dollar falls further the RBA will be forced off the sidelines."

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