The Australian dollar is under pressure today after the release of key employment figures added to the case for the Reserve Bank of Australia to keep rates on hold.

The unemployment rate in Australia climbed from 5.5 to 5.6 percent and although there was an increase in the jobs figures, it is the former that the RBA are most concerned with when it comes to lifting interest rates.

"Full time jobs added was healthy at 32.7k, so a small positive, but the unemployment rate going up and Deputy Gov Debelle stating that this is the BEST indicator of the labour market means RBA will remain on the sidelines for longer. Revisions were a touch negative too," noted says Annette Beacher, chief Asia Pacific macro strategist at TD Securities.

This is now the 3rd piece of disappointing economic data after the release of retail sales figures as well as wage growth figures yesterday which now has some analysts speculating that the RBA may even be forced to cut rates in order to put some life into the economy.

If these rumors start to gather steam and the market accepts that there is a real possibility of a rate cut the Australian dollar will likely rack up much bigger losses than we have recently witnessed.