The Australian dollar weakened against the other major currencies in the Asian session on Thursday, after data showed that the nation's unemployment rose in line with economists' expectation in April, fueling speculation about further interest rate cut by the central bank.

Data from the Australian Bureau of Statistics showed that the unemployment rate in Australia came in at a seasonally adjusted 6.2 percent in April. That was in line with expectations, and up from 6.1 percent in March.

The Australian economy lost 2,900 jobs last month - missing expectations for an increase of 4,000 jobs following the increase of 37,700 jobs in the previous month.

At the May 5th monetary policy meeting, the Reserve Bank of Australia lowered its overnight cash-rate by 25 basis points to a new record low of 2.00 percent, from 2.25 percent.

Meanwhile, Asian stock markets were trading lower, following the negative cues from Wall Street overnight after Federal Reserve Chair Janet Yellen warned about high stock valuations. The continued increase in bond yields also weighed on investor sentiment.

In other economic news, data from the Australian Industry Group revealed that the construction sector in Australia swung back to contraction in April, with a PMI score of 47.0. That's down sharply from 50.1 in March, and it moves back beneath the boom-or-bust line of 50 that separates expansion from contraction.

Wednesday, the Australian dollar rose against its major rivals, after data showed that the services sector in China expanded at an accelerated pace in April.

The Australian dollar rose 0.93 percent against the U.S. dollar, 0.56 percent against the yen, 1.05 percent against the euro, 0.37 percent against the Canadian dollar and 1.44 percent against the NZ dollar on Wednesday.

In the Asian session today, the Australian dollar fell to a 3-day low of 1.4288 against the euro, from yesterday's closing value of 1.4231. The aussie may test support near the 1.44 region.

The aussie dropped to 2-day lows of 94.69 against the yen and 0.9554 against the Canadian dollar, from yesterday's closing quotes of 95.18 and 0.9587, respectively. If the aussie extends its downtrend, it is likely to find support around 91.60 against the yen and 0.93 against the loonie.

Against the U.S. and the New Zealand dollars, the aussie edged down to 0.7924 and 1.0576 from yesterday's closing quotes of 0.7967 and 1.0625, respectively. On the downside, 0.76 against the greenback and 1.02 against the kiwi are seen as the next support level for the aussie.

Looking ahead, Swiss SECO consumer confidence for April is due to be released at 1:45 am ET. After 15 minutes, German factory orders for April is also due.

In the European session, the German construction PMI and Eurozone retail PMI- both for April, are set to be published.

In the New York session, Canada building permits for March, U.S. weekly jobless claims for the week ended May 2 and U.S. consumer credit for March are set to be announced.

At 8:30 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak on current economic conditions and monetary policy, in New York.

Subsequently, European Central Bank board member Yves Mersch will deliver a lecture at the Barcelona Graduate School of Economics in Spain at 12:45 pm ET.

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