Australian unemployment rises
The Australian economy shed 27,100 jobs this month, driving currency rates for the Australian dollar lower on speculation that the economy is not recovering as quickly as expected. Despite the fall in employment, the official unemployment rate remained at 5.8%.
This week in Australia, retail sales for July fell 1% and lending levels for new home loans reached a 9-month low. This is in line with expectations that recovery could be shaky, with uneven economic growth. Currency rates for the Australian and New Zealand dollars remain bearish today as risk aversion rises in the market ahead of the Bank of England interest rate decision and jobless figures out in the US.
Currency rates for the Australian dollar are currently at GBP0.5177 and USD0.8553.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.