12th December 2013
The Australian dollar is trading around three-month lows in forex trading markets today (December 12th), declining after a report showed the country's unemployment rate ticked higher last month.
Official data revealed employers in Australia added 21,000 jobs in November, beating expectations for a 10,000 gain. This follows a downwardly-revised drop of 700 in the previous month.
However, the country's unemployment rate ticked higher to 5.8 per cent, up from 5.7 per cent in October.
As a result, the currency declined against the dollar, which continues to be supported in forex trading markets amid speculation the Federal Reserve will taper its quantitative easing programme at its December 17th-18th policy meeting.
In addition, the agreement between US Congressional leaders on a new two-year federal budget has underpinned demand for the greenback. This avoids a repeat of the deadlock in October that saw the government shut down for 16 days. However, a further deal to lift the country's debt ceiling will be required before February if it is to avoid defaulting on its debts.
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