India, July 17 -- The Australian dollar weakened against other major currencies in the Asian session on Thursday, as the unexpected rise in unemployment rate led to a speculation of an early rate cut by the Reserve Bank of Australia (RBA). Data from the Australian Bureau of Statistics showed that the jobless rate in Australia came in at a seasonally adjusted 4.3 percent in June. That was above expectations for 4.1 percent, which would have been unchanged.
The Australian economy added 2,000 jobs last month, well shy of forecasts for a gain of 21,000 following the loss of 2,500 jobs in May.
The participation rate was 67.1 percent, topping forecasts for 67.0 percent, which would have been unchanged.
Crude oil prices dropped after the Energy...