13 December 2001, 09:51  Forex - Australian dollar easier after unemployment data

SYDNEY (FWN) - The Australian dollar was easier in late afternoon trade with early gains on the better than expected unemployment data erased by cautious sentiment, dealers said. The unit traded between a high of 0.5203 usd and a low of 0.5185 during the day. The unemployment rate in November fell to a seasonally adjusted 6.7 pct from 7.1 pct in October, with total employment rising 4,100 to 9.187 mln. Market expectations were for an unemployment rate of 7.1 pct with the loss of 10,000 jobs. National Australia Bank chief economist Tony Pearson said the Australian dollar gained 6 points to 0.5200 on the unemployment news, given the data was better than market expectations. A dealer with an Australian bank said the unit is finding support on the interest rate differential and the unemployment data although these factors were not enough to push it higher given cautious trading sentiment. "The NAB deal on HomeSide is also providing support, but with the market remaining non-committal on the Aussie, no headway is being made," he said.

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