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Reading: AUD/USD continues to rise above 0.6600, awaiting RBA rate decision
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Gulf Press > Business > Forex > AUD/USD continues to rise above 0.6600, awaiting RBA rate decision
Forex

AUD/USD continues to rise above 0.6600, awaiting RBA rate decision

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Last updated: 2024/05/05 at 11:55 PM
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The AUD/USD pair is trading higher near 0.6610 in the early Asian session on Monday, benefiting from the weaker-than-expected US Nonfarm Payrolls (NFP) data for April. The US employment market showed signs of slowing down, with the NFP rising by 175,000, below the estimated 243,000. Additionally, the annual wage growth dropped to 3.9% for the first time in nearly three years. This has led investors to believe that the Federal Reserve (Fed) may start cutting interest rates, causing the US Dollar (USD) to weaken and supporting the AUD/USD pair.

Looking ahead, investors are eagerly awaiting the Reserve Bank of Australia (RBA) interest rate decision, scheduled for Tuesday. The RBA is expected to keep the cash rate unchanged at 4.35% for the fourth consecutive meeting while maintaining a hawkish bias. Market participants will be closely monitoring the RBA press conference after the meeting for further insights into the central bank’s future monetary policy stance. If RBA Governor Michele Bullock delivers a hawkish statement, it could further boost the Australian Dollar (AUD) against the USD.

Analysts from Commonwealth Bank and Westpac are forecasting the RBA to maintain the interest rate at 4.35% until November 2023 before gradually decreasing it to 3.10% by December 2025. The decision to keep interest rates steady comes as inflation in Australia remains elevated, prompting the RBA to maintain its current monetary policy stance. The outcome of the RBA meeting and any comments made by officials could have a significant impact on the direction of the AUD/USD pair in the near term.

The US Dollar (USD) remains under pressure amid concerns about the slowing employment market and expectations of potential interest rate cuts by the Fed. The weaker-than-expected NFP data for April, along with the decline in wage growth, has raised doubts about the strength of the US economic recovery. As a result, investors have shifted their focus to the RBA interest rate decision and possible future policy actions by the central bank.

In conclusion, the AUD/USD pair is holding onto its gains near 0.6610 in the early Asian session, supported by the weaker US employment data and expectations of a steady RBA interest rate decision. The upcoming RBA meeting and the outlook for future monetary policy in Australia will be key drivers for the AUD/USD pair in the coming days. Traders will also monitor any further developments in the US economy and the Fed’s stance on interest rates to gauge the strength of the USD. Overall, the AUD/USD pair is likely to remain buoyant in the near term, driven by central bank policies and economic data.

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News Room May 5, 2024
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