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The Australian dollar inched up to near 90 US cents after moving in a tight range on Thursday, drawing support from a fall in the jobless rate that increased the odds for an interest rate hike in the near term.
Data from the Australian Bureau of Statistics showed the economy added 13,000 new jobs in September, pushing the unemployment rate down to 4.2 percent - a fresh 33-year low. The rise in employment was a little below market expectations for a 20,000 gain, but followed a hefty and upwardly revised increase of 34,300 in August.
"This is good news, but a lot of the good news has already been factored in by the Aussie dollar," said Cherelle Murphy, senior market economist at ANZ. The consumer price index (CPI) for the third quarter is due on October 24. Analysts fear a high outcome anywhere near the second quarter's 1.2 percent increase could push the central bank into hiking. Financial markets are factoring in a 44 percent chance of a rate hike next month.
The Australian dollar was quoted at $0.8994/96 up from $0.8983/88 here late on Wednesday and off a session low of $0.8966. It struck a 23-year high of $0.9034 on Monday.

Copyright Reuters, 2007

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