AUD/USD bulls await Aussie wage announcements, US NFP on the way to 0.6600 – by anilpanchal7 AUDUSD RiskAppetite Employment NFP Fed
rate hike drops. Adding strength to the DXY could be mixed US data and receding hopes of a faster Fed rate hike, as well as firmer data from China and passage of the US debt ceiling agreement in the US House of Representatives.
On Thursday, US ADP Employment Change eased to 278K in May from 291K prior but crossed the 170K market forecasts. On the same line, the weekly Initial Jobless Claims rose past 230K prior to 232K, versus 235K expected. Further, US ISM Manufacturing PMI eased to 46.9 in May compared to 47.0 anticipated and 47.1 previous readings whereas S&P Global Manufacturing PMI softened to 48.4 from 48.5 prior.
Further, the US Republican-controlled House of Representatives recently passed the debt-ceiling bill and favored the market’s optimism as the ruling Democrats dominate in the Senate and can easily avoid the default now. It’s worth noting that the upbeat China Caixin Manufacturing PMI adds strength to the AUD/USD’s upside momentum. It should be noted that China’s Caixin Manufacturing PMI rose beyond the 50.0 level for the first time in three months while suggesting an increase in activities.
Against this backdrop, Wall Street closed in the green while the yields were down and technology shares were up, which in turn allowed the AUD/USD to remain firmer ahead of the top-tier data/events. Among them, Australia’s Fair Work Commission’s Annual Wage Review and the monthly US employment clues, as well as the last round of the Fed talks ahead of the pre-Federal Open Market Committee blackout period for policymakers will be eyed closely for clear directions. Should the Aussie wages increase and the US jobs report offers no major positive surprise, the AUD/USD can stay on the front foot.
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