The Australian dollar is weakening, since investors are betting on reducing interest rates to the Australian Reserve Bank.

Australia reported an unexpectedly large decline in employment of 52,800 people, while the consensus forecast was for growth of 30,000 people in February.

The previous month's figure was lowered to 30.5 thousand, and the labor force participation rate fell to 66.8% from 67.2%, while the unemployment rate remained unchanged at 4.1%.

After the data, money markets increased the likelihood of an interest rate cut by the Reserve Bank of Australia (RBA) in May to 74%, up from 62% before the data.

This adjustment caused Australian bond yields to fall, which automatically affected the Australian dollar.

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