The Australian dollar stabilized negatively against most of the major currencies during Thursday’s trading, following the release of weak employment data
And the Australian Ministry of Labor announced that the economy lost 11.5 thousand jobs in January, contrary to expectations of adding 19.8 thousand jobs in the same period.
Also, unexpectedly, the unemployment rate in the Australian labor market rose to 3.7%, compared to expectations for unemployment to remain unchanged at 3.5%.
During today’s trading, the Australian dollar settled against its US counterpart by 19:34 GMT, negatively, at 0.6903.
The dollar fell under pressure today, although many investors considered the US currency as a safe haven after the release of consumer price data, but today’s data pushed investors away from it in return for switching to the precious metal.
The dollar index decreased by 18:28 GMT, by 0.1%, to 103.8 points, and it recorded the highest level at 104.2 points and the lowest level at 103.5 points.
Economic data released today showed that the producer price index in the United States rose by 0.7% in January, while analysts expected it to rise by 0.4%.
Excluding some volatile commodities, the core PPI rose 0.5% last month, beating expectations for a 0.3% rise.
The producer price index is one of the criteria for measuring inflation alongside the consumer price index, which will justify the Federal Reserve’s further monetary tightening and interest rate hike.