The Aussie Dollar Plunges To The Bottom, Here's Why!

<p>&nbsp;The Aussie dollar edged lower during the Asian session after a disappointing Australian jobs data reading in July.</p><p><br /></p><p>The unemployment rate unexpectedly rose more than expected last month, rising to 3.7% from 3.5% in June.</p><p><br /></p><p>The economy also recorded a loss of 14,600 jobs compared to an increase of 31,600 recorded the previous month.</p><p><br /></p><p>This indirectly shows signs of strengthening the labor market in Australia starting to subside.</p><p><br /></p><p>The data also reinforced expectations for the central bank to keep the current interest rate at 4.10% for the third month in a row at its next September meeting.</p><p><br /></p><p><br /></p><p>Employment strength has been a key factor in the RBA's confidence that Australia can avoid recession.</p><p><br /></p><p>However, the latest data today showed that annual job growth slowed to 2.9% from 3.1% at the start of the year.</p><p><br /></p><p>The rate is expected to moderate further as key indicators such as job advertisements are now declining.</p><p><br /></p><p>As a result, the Aussie dollar continued to be pushed further to a 9-month low of 0.6383 against a stronger US dollar.</p>