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AUD/USD is trying to build on the past week’s gains as it moved from 0.6760 to 0.6765 last week. This pair keeps trying to protect its gain, and this will remain so till the European trading period. However, AUD/USD has been observed being bought and sold near 0.6815 to 0.6820.
After the publication of the Non-farm payroll last Friday, USD attracted demand. This happened at the same time when people were getting more convinced that Federal Reserve will hold on to a quicker tightening policy plan. This was confirmed by the new United States Job statement, which showed a growth of 370,000 Jobs last month. Also, this was more than the expected 268,000 additional Jobs. Besides these, the poor economic outlook continues to support the USD and afflicts the AUD/USD pair.
Further AUD/USD Direction Dictating Factors
Investors are worried that the fast-growing interest rate and financial tightening policies may challenge world economic development. Additionally, the Russia – Ukraine crisis and new COVID-19 upsurge have supported recession anxieties. Summing up all these factories, the US dollar will be supported, and supports further pulling down of AUD/USD. Therefore, the pair can revisit the support of 0.6765 and 0.6760.
Today, there are no fundamental economic data that may move the market from the United States. So the market risk feelings will control the USD price changes, and this will give new stimuli to the AUD/USD. However, more attention will be given to the US inflation numbers which will be coming up on Wednesday. This will be important in guiding the short-term US dollar request, as well as dictating a new direction for the market.
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