Australia's Unemployment Rate rose to 7.1% in May, as the economy lost a whopping 227,700 jobs, the latest data published by the Australia Bureau of Statistics (ABS) showed this Thursday. The markets were expecting a job deduction of 125,000. The economy saw a whopping 594.3K job loss in April.
Meanwhile, full-time jobs came in at -89.1K in May vs. -220.5K seen in April. The part-time employment fell 138.6K versus -373.8K last. The participation rate dropped to 62.9% in the reported month versus 63.7% expected and 63.5% previous.
The below-forecasts Australian jobs data combined with the downward revisions to the previous intensified the selling pressure on the AUD, knocking-off AUD/USD to a new two-day low of 0.6840. The spot is down 0.60% on the day.
Source : FXstreet