The Australian dollar is taking back losses incurred after a weaker than expected employment report for February.
According to the Australian Bureau of Statistics on Thursday, the economy created 0.4k jobs in February, short of the prior month’s revised 56.5k gain and expectations for a more modest 15.0k increase.
Prior to revisions, January job creation was up 52.7K.
Meanwhile, the unemployment rate rose to 5.3% from the revised 5.2% the month prior, in line with forecasts.
Prior to revisions, the unemployment rate was 5.3%.
Details of the report were good, however with 11.4k full time jobs created, adding to the prior month’s 12.0k gain. Part time employment, meanwhile, declined by 11.0K compared to the prior 44.5k pickup.
The news put pressure on the Australian dollar, with the currency losing 15 pips to the USD at 0.9121.
Nevertheless, the pair last traded flat against the USD, at 0.9140, after trading in a range between 0.9121 and 0.9157 so far today.
Short term resistance lies at 0.9243, and 0.9328, with support at 0.8979, 0.888 and then 0.8801.