Aussie slips despite robust economic data

The Australian dollar edged lower on Thursday, as the US currency continued to rise despite the release of strong economic data.

The Australian Department of Employment revealed today that the economy has added 88.7K new jobs during February, beating forecasts of 30.5K jobs.

Australia's unemployment rate fell to 5.8%, beating forecasts of holding at 6.3% unchanged.

The Federal Reserve decided yesterday to hold the interest rate unchanged between 0.0% and 0.25%, and raised its GDP growth outlook to 6.5% in 2021, from 4.2% in the previous forecast.

The bank also projected the US economy to grow by 3.3% in 2022 compared to 3.2% in the previous estimate, but lowered its expectations of growth in 2023 to 2.2% from 2.4%.

As of 15:35 GMT, AUD/USD fell 0.1% to 0.7791, after hitting a high of 0.7850 and a low of 0.7763.