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Nov 03 - 03:55 PM

AUD/USD - US Payroll Report Helps Squeeze Shorts Hard

By Christopher Romano  —  Nov 03 - 01:35 PM
  • AUD/USD opened NY near 0.6440 after rallying slightly in overnight trading

  • US yields US2YT=RR, US$ fell sharply on Oct payroll, ISM non-mfg PMI data

  • Data indicated softness in jobs market & wage pressures may be easing

  • Investors priced in Fed being on hold & also pulling forward 1st rate cut

  • AUD/USD spiked higher, struck a 2-mo high of 0.6518, traded up +1.18% late

  • USD/CNH drop to 7.32877, equity ESv1 & copper HGv1 gains buoyed AUD/USD

  • Techs are bullish; RSIs are rising, pair trades above 55-DMA & cloud base

  • RBA meeting, Q3 wage price index, Oct employment are data risks next week

  • China Oct CPI/PPI, retail sales, industrial output are also risks

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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