Australian Dollar Slides as September Employment Drops by 39,300

The Australian Dollar declined, with AUD/USD slipping 0.3% to 0.6951, following an unexpected contraction in domestic employment for September. Official data revealed total employment dropped by 39,300 jobs, sharply missing forecasts for a 20,000 gain. A 73,700 slump in part-time roles overshadowed a 34,400 rise in full-time positions. The unemployment rate reached 4.7% (4.72% unrounded), while the participation rate declined to 66.8%. The weakening labour market prompted money markets to slash November Reserve Bank of Australia rate hike expectations to below 20%, though Westpac still projects a 25 basis point hike to 4.85%.