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Aussie dollar lower following jobs data

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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.