Australian Economy Loses Jobs Unexpectedly in September

The Australian economy released on Thursday morning the number of new jobs in the country, indicating a loss of 39.3 thousand jobs in September, worse than market expectations of an addition of 19.6 thousand jobs, and revised the previous reading from a loss of 39.5 thousand jobs to a loss of 29.3 thousand jobs in August.

This statement indicates a contraction in employment in Australia and reduces pressure on the Reserve Bank of Australia, lowering the likelihood of a fifth interest rate hike this year.

Economic outlook • Surprise level: present • Assessment: negative for the Australian dollar • Impact strength: strong • Interest rate expectations: supportive of the monetary normalization stance • Immediate market reaction: negative

The Australian economy released on Thursday morning the unemployment rate at 4.7% in September, higher than market expectations of 4.6%, and revised the previous reading from 4.6% to 4.7%.

U.S. stock indices fell noticeably at the close of Wednesday's trading after U.S. inflation data came in higher than expected, raising concerns about the Federal Reserve resorting to further interest rate hikes, and sparking a strong selloff in shares of Oracle, CoreWave, and other AI companies sensitive to rising borrowing costs.

The Ripple token, linked to Ripple, traded in a narrow range during Wednesday's sessions, with key psychological support levels at $1.30 and $1.35, while heavy selling pressure limits the currency's ability to recover toward the $1.40 level.