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Aug 02 - 03:55 PM

AUD/USD - Bulls Make Only Limited Progress On Downbeat US Jobs Report

By Christopher Romano  —  Aug 02 - 12:55 PM
  • NY opened near 0.6515 after 0.6487 traded in Asia, rally extended initially

  • Yields US2YT=RR, US$ fell sharply after downbeat US July payroll report

  • AUD/USD hit 0.6547 with help from USD/CNH dropping to 7.1415

  • The pair pulled back however as stocks ESv1, gold XAU= fell sharply

  • Yen buying drove AUD/JPY toward 95.35; helped limit AUD/USD gains

  • Dip ensued despite some US banks expecting Fed to cut more aggressively

  • AUD/USD traded near 0.6525 late, pair was up only +0.32% late in the day

  • Techs are mixed; daily RSI turns up from oversold but pair below 200-DMA

  • RBA meeting, July global PMIs are key risks due next week

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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