Investing.com - The Australian dollar edged lower against its U.S. counterpart on Thursday, after downbeat Australian unemployment data and as investors remained cautious ahead of a key European Union summit.
AUD/USD hit 1.0235 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0279, slipping 0.14%.
The pair was likely to find support at 1.0155, the low of December 6 and resistance at 1.0397, the high of November 9.
Official data showed that Australia’s unemployment rate rose unexpectedly in November, ticking up to 5.3%, from 5.2% the previous month. Analysts had expected Australia’s unemployment rate to remain unchanged at 5.2% in November.
The report also showed that the number of people in employment fell by 6,300 in November, after rising by 16,800 the previous month. Analysts had expected Australian employment to rise by 10,600 in November.
But market sentiment remained supported as the European Central Bank was highly expected to cut interest rates to 1% at its policy-setting meeting later in the day.
Meanwhile, European leaders were to begin a two-day summit to discuss proposed changes to EU treaties which would allow for greater fiscal integration and stricter enforcement of budgetary discipline in the single currency bloc, clearing the way for the ECB to play a bigger role in stabilizing euro zone bond markets.
Elsewhere, the Aussie was lower against the euro with EUR/AUD rising 0.15%, to hit 1.3049.
Later in the day, the U.S. was to release official data on initial jobless claims.
AUD/USD hit 1.0235 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0279, slipping 0.14%.
The pair was likely to find support at 1.0155, the low of December 6 and resistance at 1.0397, the high of November 9.
Official data showed that Australia’s unemployment rate rose unexpectedly in November, ticking up to 5.3%, from 5.2% the previous month. Analysts had expected Australia’s unemployment rate to remain unchanged at 5.2% in November.
The report also showed that the number of people in employment fell by 6,300 in November, after rising by 16,800 the previous month. Analysts had expected Australian employment to rise by 10,600 in November.
But market sentiment remained supported as the European Central Bank was highly expected to cut interest rates to 1% at its policy-setting meeting later in the day.
Meanwhile, European leaders were to begin a two-day summit to discuss proposed changes to EU treaties which would allow for greater fiscal integration and stricter enforcement of budgetary discipline in the single currency bloc, clearing the way for the ECB to play a bigger role in stabilizing euro zone bond markets.
Elsewhere, the Aussie was lower against the euro with EUR/AUD rising 0.15%, to hit 1.3049.
Later in the day, the U.S. was to release official data on initial jobless claims.