AUD/USD maintains its bid tone around 0.6570 area, just below daily high amid softer USD – by hareshmenghani AUDUSD RBA Fed NFP Currencies
The RBA’s hawkish SOMP benefits the Aussie and lends support amid a softer USD.pair builds on the previous day's modest bounce from the 0.6515 area, or over a two-month low, and gains some follow-through positive traction for the second successive day on Friday. Spot prices, however, retreat a few pips from a two-day high touched during the Asian session and currently trade around the 0.6565-0.6570 region, up over 0.25% for the day.
The downside for the USD, however, remains cushioned in the wake of rising bets for further policy tightening by the Federal Reserve . In fact, the incoming stronger US macro data continues to point to an extremely resilient economy, which should allow the Fed to keep interest rates higher for longer. This had led to the recent rise in the US Treasury bond yields.
Traders also seem reluctant to place aggressive directional bets and prefer to wait on the sidelines ahead of the release of the closely-watched US monthly employment details later during the early North American session. The popularly knownreport will influence expectations about the Fed's future rate-hike path, which will play a key role in driving the USD demand and help determine the near-term trajectory for the AUD/USD pair.
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