The Australian dollar fell against the world's reserve currency on Wednesday as the South Pacific nation prepares to release data about its job market later this week, according to Bloomberg.
Expectations are high that Australia's unemployment level will stay at its highest rate since 2010. The Aussie's losses on Wednesday amounted to its steepest fall in about one month against the U.S. dollar, coming after its performance against its cross-Pacific rival has been stronger thus far this year.
"A rise of 10,000 would be significantly above the recent trend," states a Wednesday client note authored by currency strategist Todd Elmer with Citigroup Inc. in Singapore, according to Bloomberg., wrote in a note to clients today. "It is not clear that a major improvement in trend should be forthcoming, since the Australian dollar remains at levels which should dampen jobs growth outside the mining sector."
The Australian dollar dropped roughly 0.5 percent against the greenback one day after falling 1 percent. The Aussie slumped to its lowest rate since October 2008 against the New Zealand dollar on Wednesday.
The Aussie emerged as one of the Group of 10's worst-performing currencies on Wednesday, according to The Australian.
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