The Australian dollar has lost ground as a sharp plunge in oil prices hammers commodity currencies.

At 1700 AEDT on Friday, the currency was trading at 72.44 US cents, down from 72.86 cents on Thursday.

Westpac senior currency strategist Sean Callow said a renewed wave of oil price weakness since the Organisation of the Petroleum Exporting Countries meeting last week has damaged the Aussie, as well as the currencies of New Zealand, Norway and Canada.

The total number of people with a job rose 71,400 in November, building on a gain of over 56,000 the month before, which was the strongest two months of employment growth since January 1988.

At 1700 AEDT, the Australian dollar was at 88.43 Japanese yen, down from Thursday’s close of 88.64 yen, and at 66.23 euro cents, unchanged.

At 1630 AEDT on Friday, the September 2015 10-year bond futures contract was trading at 97.113 (implying a yield of 2.887 per cent), down from 97.118 (2.882 per cent) on Thursday.

The September 2015 three-year bond futures contract was at 97.825 (2.175 per cent), up from 97.805 (2.195 per cent).

Source : Businessspectator