The Australian dollar lost value on Thursday against the world's reserve currency after the nation released weak jobs data for last month, which renews the conversation about whether the Reserve Bank of Australia will slash borrowing costs, according to Reuters.
While Governor Glenn Stevens with the central bank of the South Pacific nation has encouraged the Aussie's slip in value, the body he leads has demonstrated it would rather not cut interest rates. Borrowing costs presently stand at the record-low level of 2.5 percent.
"Today's dismal employment figures gave sellers the catalyst they had been waiting for to wipe out support around US88.50c, and send the Australian dollar to three-year lows as it hurdled towards the US88c handle,'' market analyst David de Ferranti with FXCM told The Australian on Thursday.
The weak jobs report furthers the stint of poor growth that Australia is presently enduring, which is its worst in about 17 years, according to The Australian. The job market lost 22,600 career opportunities during December.
Australia made 54,600 jobs in 2013, according to The Australian. From November to December, the jobless rate remained at 5.8 percent.
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