AUD/USD seems to be strengthening on shorter time frame charts very close to 0.7460 the influence is due to the bears as at when the value was under 0.7500 price level.
During this, Chinese data was unable to improve significantly enough which is why traders are anticipating the Nonfarm Payroll for the New York session. With the value at 0.7485, the value is on the good side as it stays between 0.7477 and 0.7500 price levels.
More Factors Strengthening the Pair
China’s Caixin Manufacturing PMI for March came in at 48.10 as against 49.70 predicted and 50.40 for two months ago (February), which revealed the regression that occurred in Chinese economy due to March’s covid outbreak.
At the same time, attention has been on the Ukraine and Russia struggle, with no reasonable solution anytime soon. The USD appreciated Yesterday (Thursday) as no progress in the peace discussion between Russia and Ukraine increased the request for a safer currency (USD).
The Nonfarm Payroll (NFP) data are anticipated to keep showing desirable increase in the employment rate during last month (March) and the unemployment rate is anticipated to reduce on release.
At the same time, analysts at the Australian Newzeland bank said that “going by the strength in the labor market and the uptrend force on salary, the Federal Reserve’s anticipation of a quick decrease of inflation to mean levels in next year (2023) can be hoped for”
“The Federal Reserve should work towards reducing demand to stop the rise in inflation pressure, and doing this will be difficult as supply-side forces keep aiding inflation. Doing without a sharp downturn in economic growth will call for the ability to make knowledgeable decisions and enough luck” as proved by analyst
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