Dollar edges lower

Fan of dollars, moneyThe Australian dollar has edged lower ahead of key jobs figures.

At 0700 AEDT on Thursday, the currency was trading at 72.06 US cents, down from 72.15 cents on Wednesday.

Kim Martin, senior market strategist, Bank of New Zealand, said investors were doing some pre-positioning for Thursday’s employment report, one of the bigger event risks this week.

“The October data for Australia was very strong and surprised a few people,” she said.

“So, I suspect the market will be looking for a bit of payback, a weaker number this time.”

The number of Australians with a job is forecast to have fallen by 10,000 in November, after a rise of 58,600 in October.

And the unemployment rate is tipped to rise to six per cent, according to an AAP survey of 12 economists.

Martin said the Aussie had a volatile trading session overnight, taking direction from the euro and the greenback.

“The euro was quite a bit stronger and the US dollar was weaker, so the commodity currencies have been on the periphery overnight,” she said.

AAP

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