AUD/USD holds above 0.6900 amid weaker USD, lacks follow-through ahead of US data – by hareshmenghani AUDUSD Employment Fed Inflation Currencies
icks to its intraday gains through the first half of the European session and is currently placed around the 0.6920 region, just a few pips below the daily top.
As investors look past the downbeat Australian employment figures, a modest US Dollar weakness is seen as a key factor lending support to the AUD/USD pair. In fact, the Australian Bureau of Statistics reported earlier this Thursday that the number of employed people fell by 11.5K in January against an addition of 20K expected. Moreover, the previous month's reading was also revised to show a loss of 19.9K jobs as compared to the 14.6 fall estimated originally.
The market reaction, however, turns out to be short-lived amid the emergence of some selling around the USD, which is weighed down by retreating US Treasury bond yields. That said, firming expectations for further policy tightening by the Federal Reserve should limit any meaningful downside for the US bond yields and the Greenback.
Furthermore, Wednesday's upbeat US monthly Retail Sales data pointed to a stronger economy, which remains resilient despite rising borrowing costs. This, along with the recent hawkish remarks by severalofficials, stressing the need for additional interest rate hikes to fully gain control of inflation, favours the USD bulls. Apart from this, looming recession risks should also contribute to keeping a lid on any meaningful upside for the AUD/USD pair, at least for the time being.
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