Australian Dollar Pares Slide After Unemployment Rate Declines

Australia’s dollar pared declines, after data showed employers added more positions than economists forecast last month, driving down the unemployment rate.

The Aussie was at 69.70 U.S. cents as 11:38 a.m. in Sydney on Thursday, down 0.7 percent from the previous day. It had been at 69.53 cents just before the statistics bureau said the number of people employed in Australia rose by 17,400 in August. Analysts expected an increase of 5,000 jobs, according to the median estimate in a Bloomberg survey. The jobless rate declined to 6.2 percent from 6.3 percent in July.

Reserve Bank of Australia Governor Glenn Stevens and his board kept the cash rate at a record-low 2 percent on Sept. 1, following reductions in May and February. Swaps signal there is a less than 20 percent probability the RBA will cut rates on Oct. 6.