AUD/USD picks bids around 0.6400 ahead of US NFP, risk-off still active – by Sagar_Dua24 AUDUSD NFP Fed Inflation TradeBalance
Hawkish commentaries from Fed policymakers will strengthen the DXY further.has sensed buying interest from 0.6400 and is marching higher gradually in early Tokyo. The aussie bulls have attempted a rebound despite the stability of the risk-off impulse in the market. The 10-year US Treasury yields are solid around 8.3% and have not displayed any sign of correction yet. Also, S&P500 is hovering around lower levels and is still far from any pullback move.
The mighty US dollar index is expected to strengthen further on hawkish commentary from Federal Reserve policymakers. Chicago Fed Bank President Charles L. Evans has provided crisp guidance for rate hikes in the remaining 2022. Fed policymaker believes that the central bank will reach the targeted rate of 4.5-4.75% by the spring of 2023. He sees no impact onand believes a good amount of strength in the US economy. He further added that policymakers are looking to raise borrowing rates by 125 basis points collectively in the remaining two monetary policy meetings in 2023.
Also, Fed Governor Christopher Waller crosses wires on Thursday, stating that he sees little reason for the slow down of policy tightening pace by the central bank. He further added that "Inflation is far from the FOMC’s goal and not likely to fall quickly," data. The payroll data is expected to land at 250k, lower than the prior release of 315k. While the Unemployment Rate is seen as stable at 3.7%.
Aussie bulls are still in the hangover of weak Trade Balance data. The economic data landed lower at 8,324M, lower than the projections of 10,500M and the prior release of 8,733M. Going forward, the Australian Westpac Consumer Confidence data will remain in focus.
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