Australian Dollar weakens as Australian Unemployment Rate rises, PBOC holds rates steady

101 finance2026/03/20 02:22

By:101 finance

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The AUD/USD pair trades in negative territory near 0.7080 during the Asian trading hours on Friday. The Australian Dollar (AUD) softens against the US Dollar (USD after Australia’s unemployment rate increased in February.

Data released by the Australian Bureau of Statistics (ABS) on Thursday showed that Unemployment Rate climbed to 4.3% in February from 4.1% in January. The figure came in above the market consensus of 4.1%.

The weaker Australia’s employment data cooled expectations for interest rate hikes from the Reserve Bank of Australia (RBA), which could weigh on the Aussie. Money markets lowered the probability of a May 2026 rate hike from 61% down to 57% following the jobs data.

The People's Bank of China (PBOC) maintained its benchmark lending rates on Friday. The one-year and five-year Loan Prime Rates (LPRs) were at 3.00% and 3.50%, respectively.

The Federal Reserve (Fed) held interest rates steady at a target range of 3.50% to 3.75% following its March meeting on Wednesday. The median "dot plot" projection still suggested one 25-basis-point (bps) rate cut later in 2026, though some officials now expect no cuts at all this year.

Fed Chair Jerome Powell said during the press conference that the ongoing war in Iran has created an "energy shock" and heightened uncertainty, complicating the path for future policy.

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