Aussie falls after unexpected increase in unemployment

The Australian dollar fell against the greenback today, after unexpected weak jobs data that showed a slowdown in the Australian labor market.

The Australian Department of Jobs revealed today that the economy has lost 19K jobs last month, falling short of expectation of creating 16.2K new jobs.

The unemployment rate increased to 5.3% in October, to also fall short of expectation to remain unchanged at 5.2%.

Bearing in mind that the RBA Governor, Philip Lowe, said that interest rates cuts will continue at current low levels until the unemployment and the labor market improve.

The uncertainty over the US and China ability to reach a final and sustainable trade deal pressed the commodity currencies today and pushed them lower including the Australian dollar.

AUD/USD fell by 0.9% to 0.6778 as of 16:48 GMT, the pair hit an intraday high of 0.6842 and a low of 0.6769.