Australia’s currency fell to a two-week low on Thursday after the country’s unemployment rate rose in August, which could increase the likelihood of the central bank further cutting interest rates.
The seasonally-adjusted unemployment rate edged higher to 5.3 per cent in August, from 5.2 per cent previously, according to the Australian Bureau of Statistics. That was in line with estimates by economists polled by Reuters.
That prompted the Australian dollar to fall as much as 0.6 per cent against the US dollar to a low of $0.6787, its weakest since September 4.
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