AUD/USD trades with mild gains above 0.6650, all eyes on US NFP data
06.06.2024, 23:53

AUD/USD trades with mild gains above 0.6650, all eyes on US NFP data

  • AUD/USD posts modest gains around 0.6670 in Friday’s early Asian session. 
  • The softer US employment data this week triggered the Fed rate cut expectation in September.
  • RBA’s Bullock said the central bank won’t hesitate to hike again if inflation remains sticky. 

The AUD/USD pair trades with mild gains near 0.6670 on Friday during the early Asian trading hours. The growing speculation about the US Federal Reserve (Fed) rate cut and softer US economic data weigh on the US Dollar (USD) and create a tailwind for AUD/USD. Later on Friday, the US Nonfarm Payrolls (NFP) data for May will be in the spotlight. 

The softer US economic data this week spurred the Fed rate cut expectation in September. Traders are now pricing in a nearly 68% odds chance of a rate cut for the September meeting, up from 50% at the beginning of the week, according to the CME FedWatch tool. 

The number of Americans claiming jobless benefits for the week ended May 31 rose 8,000 to 229,000 from 221,000 in the previous week, higher than the forecast of 220K, according to the Labour Department on Thursday. Earlier this week, the US Manufacturing PMI came in weaker than the expectation, dropping to 48.7 in May from 49.2 in April.  

On the other hand, the hawkish tone from Reserve Bank of Australia (RBA) Governor Michele Bullock on Wednesday has provided some support to the Australian Dollar (AUD). RBA’s Bullock said the central bank Plan A is to remain "data-driven,"  indicating the RBA will maintain its neutral stance for the time being. However, stickier than expected inflation would prompt the central bank to raise interest rates again. 

AUD/USD

Overview
Today last price 0.6669
Today Daily Change 0.0021
Today Daily Change % 0.32
Today daily open 0.6648
 
Trends
Daily SMA20 0.6645
Daily SMA50 0.6571
Daily SMA100 0.6561
Daily SMA200 0.6539
 
Levels
Previous Daily High 0.6665
Previous Daily Low 0.6626
Previous Weekly High 0.668
Previous Weekly Low 0.6591
Previous Monthly High 0.6714
Previous Monthly Low 0.6465
Daily Fibonacci 38.2% 0.6641
Daily Fibonacci 61.8% 0.665
Daily Pivot Point S1 0.6628
Daily Pivot Point S2 0.6608
Daily Pivot Point S3 0.6589
Daily Pivot Point R1 0.6666
Daily Pivot Point R2 0.6685
Daily Pivot Point R3 0.6705

 

 

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