FXstreet.com (Sydney) - The unemployment rate in Australia for October came in as expected 5.8%. Analysts had predicted a rise of 0.1% from the previous month. The pair is currently trading at 0.9309 finding support at 0.8900 and resistance at 0.9350.

The Australian Bureau of Statistics reported that the number of people in employment grew by 24500 in October to 10.382m. This increase came as a result of a jump in part time employment. Full time employment grew by 2900.

The number of people unemployed grew by 11100 in October, standing at 670000, which is the highest level since 2002. Participation rate remained unchanged at 65.2%. This increase in unemployment highlights a prevalent weakness in the Australian economy in the same month interest rates were lifted. The AUD rose to its highest level since 2008, 0.9367 shortly after the release