Australian Dollar Drops as Unemployment Rate Ticks Up

The Australian dollar dropped today after data showed that the unemployment rate increased despite strong growth of employment last month.

Australian employment grew by 21,000 in November after rising by 700 in October. It was two times the forecast reading of 10,300. Nevertheless, the unemployment rate ticked up by 0.1 percentage point to 5.8 percent. Such increase was expected, but for whatever reason traders preferred to pay attention to the bad part of the report, not to the good one.

AUD/USD dropped from 0.9047 to 0.8929, trading weakest since August 30, and AUD/JPY slumped from 92.66 to 91.88 as of 15:12 GMT today after rising to 93.25.

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