By FX Empire.com
The AUD/USD pair continued to move to the downside early Thursday after it dropped to its lowest level in four weeks, as the greenback soared against other major currencies after woes increased that the debt contagion threatens Italy.
On the other hand, the Australian economy was able to hire more people in October, as the unemployment rate was unchanged at 5.2%, while energy companies led the employment which came at 10.1 thousands, easing some of the pressure.
The cheerful employment data didn’t support the Aussie against the dollar much, where the pair still trading near its four weeks low, as the current market sentiment is focusing on lower-yielding currencies.
Also the Chinese trade surplus fell below expectations in October, which reduced demand on Aussie, where China is the biggest trade partner for Australia.
On Friday at 14:55 GMT, the U.S. economy will release the University of Michigan Confidence for November, where it’s expected to come at 61.0 from the previous 60.9.
Originally posted here
