Australian Dollar Lower After Disappointing Jobs Data

The Australian dollar declined against its major counterparts in the Asian session on Thursday, as a data showed that the nation's employment unexpectedly fell in October, while the jobless rate rose.

Data from the Australian Bureau of Statistics showed that Australia jobless rate rose a seasonally adjusted 5.3 percent in October from 5.2 percent in September. That was in line with economists' expectations.

The seasonally adjusted number of employed persons decreased by 19,000 in October to a three-month low of 12.91 million.

Economists had expected a 15,000 increase. In the previous month, employment grew by a downward revised 12,500 persons.

Sentiment deteriorated on trade uncertainty after the Wall Street Journal reported that trade talks have hit a snag over Chinese purchases of U.S. agricultural products.

Data that showed China's industrial production for October missed estimates and Japan's economic growth touched a one-year low in the third quarter also weighed.

The aussie slipped to a 2-1/2-month low of 1.0625 against the kiwi, from Wednesday's closing value of 1.0665. The next likely support for the aussie is seen around the 1.05 level.

The aussie declined to a 4-week low of 0.6796 against the greenback, compared to 0.6838 hit late New York Wednesday. The aussie is seen finding support around the 0.63 region.

The Australian currency depreciated to a 4-week low of 73.82 against the yen, from yesterday's closing quote of 74.41. The aussie may challenge support around the 70.00 level.

The aussie fell to 1.6193 against the euro, its weakest since November 1. The aussie is poised to find support around the 1.64 area.

The aussie that ended Wednesday's trading at 0.9061 against the loonie dropped to a new 2-week low of 0.9010. Should the aussie slides further, it may target support around the 0.89 level.

Looking ahead, German GDP data for the third quarter and Swiss producer and import prices for October are slated for release in the pre-European session.

U.K. retail sales for October, Eurozone GDP and unemployment data for the third quarter are due out in the European session.

In the New York session, Canada new housing price index for September, U.S. producer prices for October and weekly jobless claims for the week ended November 9 will be featured.

At 10:00 am ET, Federal Reserve Chair Jerome Powell will testify on the economy before the House Budget Committee in Washington DC.

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