Forex – AUD/USD lower despite decent employment data

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Investing.com – The Australian dollar traded lower against its U.S. rival during Thursday’s Asian session despite some decent jobs data out of the world’s 12th-largest economy.

In Asian trading Thursday, AUD/USD dropped 0.23% to 0.9423. The pair was likely to find support at 0.9388, the low of October 7 and resistance at 0.9524, the high of September 19.

The Aussie came under pressure after the Australian Bureau of Statistics said the country’s September unemployment rate fell to 5.6% from 5.8% in August. Analysts expected a reading of 5.8%.

In a separate report, the Statistics Bureau said Australia’s employment change increased by 9,100 after falling by 10,200 in August. Analysts expected a September change of 15,000.

The data arrived a day after the Westpac Banking Corporation said consumer sentiment in Australia declined by 2.1% in October, after a 4.7% increase the previous month.

Also during Wednesday’s Asian session, PIMCO, the world’s largest bond manager, published a research note that said the Reserve Bank of Australia might be forced to lower interest rates again if other sectors of the economy do not pick up the slack as the mining industry cools.

RBA has slashed rates by 225 basis points over the past two years to a record low of 2.5%.

Elsewhere, AUD/JPY rose 0.09% to 92.05 after the Economic and Social Research Institute said that Japan’s core machinery orders 5.4% in September after being flat in August. Analysts expected a September increase of 2%.

In a separate report, the METI said its Japanese tertiary industry activity index rose by 0.7% last month after contracting 0.4% in August. Analysts expected the tertiary index to rise by 0.5% in September.

AUD/NZD climbed 0.33% to 1.1409.



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