Prospects for increased joblessness in Australia drove down the South Pacific nation’s currency on Tuesday against the U.S. dollar, Bloomberg reports.
Set to be released on Thursday, the jobless report is forecast to rise to 5.4 percent in December after having checked in at 5.2 percent during the month prior, according to a survey of economists undertaken by the news source. The country’s economy is believed to be exposing some vulnerabilities, one of which is the labor market.
“As the Aussie is approaching the $1.06 level, you might anticipate the currency to find some resistance,” senior currency strategist Greg Gibbs with Royal Bank of Scotland Group Plc. In Singapore told the news source on Tuesday.
The Australian dollar slumped form its top value since August 2008 against the monetary unit of Japan, host of the globe’s third-largest economy.
The strength of the Aussie is harming the export of blueberries from Northern Australia, according to ABC News, which also cited thickening competition in the industry via international venues. Exports of the fruit have been on the wane from the region.
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