Thursday saw the Australian dollar lose value against the majority of its counterpart currencies, strengthening speculation that the central bank of the South Pacific nation will slash interest rates to prompt development and growth, Bloomberg reports.
The yields on three-year Australian bank notes dipped on Thursday after two-straight trading sessions of gains. New Zealand's manufacturing industry saw upticks in March while prices of homes pushed to record highs.
"We don't think the RBA Board are inclined to jump at shadows, and it will take more than one poor jobs report to see the cash rate lowered again near term," economist Ben Jarman with JPMorgan told The Wall Street Journal on Thursday, noting the data about the labor market is not as strong as an assortment of signals have indicated. For that reason, he said, a borrowing cost rate slash is very much in play.
The South Pacific nation's jobless rate climbed to 5.6 percent last month, which represents its top level since 2009. The metric measured 5.4 percent during the month prior.
The Aussie fell into demand on Thursday as Japan continued with its aggressive currency devaluation program spurred international investors' buying surge, according to The Wall Street Journal.
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