The Australian dollar against the US dollar continues falling. The current quote is 0.6742.
After a crash on Tuesday, the Aussie has somewhat stabilized but sellers are still prevailing.
As morning statistics demonstrated, the unemployment rate in Australia in August grew to 3.5% against 3.4% in July, while no changes had been expected. The number of jobs last month grew by 33.5 thousand workplaces, which turns out to be much lower than forecast (35.5 thousand). Still, the decline of July is mostly covered up.
Components of the report look neutral. The proportion of working population has not changed, remaining at 66.6%, while full employment has increased quite noticeably. Moreover, the rush season starts, when employment in services naturally grows.
The situation in the Chinese economy is a serious stress for the economy of Australia because China is its major trade and economic partner. China is obviously in trouble, and mutual trade may be affected.
Source: Roboforex
