FX News

AUD/USD Transfer

Fridays stronger than forecast US jobs data has put pressure on the Australian Dollar (AUD) falling from 0.6670 levels back to 0.6580 to close the week. Non-Farm Payroll (NFP) numbers came in way above the 182,000 predicted at 272,000 causing markets to buy the US Dollar (USD) as expectations of reductions to interest rate cuts were extended out. We may only see 1 cut in November compared to earlier forecasts of 6 in 2024, we will get a better look at this Thursday when the Fed Meet. Also, on the calendar this week is Australian Unemployment data with softer numbers expected. The AUD has kicked on to 0.6600 into Tuesday- not sure it has much more topside momentum.

Current Level: 0.6597
Support: 0.6530
Resistance: 0.6700
Last week’s range: 0.6577- 0.6698

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