Australian Dollar Falls as Weak Jobs Data Curbs Rate Hike Bets

Australia's employment fell by 39,300 in September, a significant drop that pushed the jobless rate to a five-year high of 4.7%. This data led investors to scale back the chance of a November RBA rate hike to 9% from 32%, weakening the Australian dollar to $0.6945. The greenback climbed overnight following a hot US core inflation reading, with markets still pricing in 75 basis points of tightening for the US Federal Reserve by May next year, compared to just 17 basis points for Australia.