A surprise drop in payrolls in Australia pinched the value of the nation’s monetary unit on Thursday as concerns continued growing about the health of the country’s economy, according to Bloomberg.
The Australian dollar dropped for a third-straight day against the monetary unit of Japan and the New Zealand dollar followed the downward slope of Asian stocks. December saw Australian payrolls fall by approximately 5,500 from the month prior, according to the national statistics bureau.
“In the very, very short term, there’s a risk to the downside for the Aussie,” Asia local markets strategy head Thomas Harr with Standard Chartered Plc. in Singapore told Bloomberg on Thursday. “That said, I think the theme is still that we have a China recovery, which is very important for Australia.”
The unemployment rate in Australiarose to 5.4 percent in December after having registered at 5.3 percent in November.
Economist projected the economy of Australia would increase by 5,000 from November to December but the losses continued driving concerns about the state of the economy, The Financial Times reports.
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