AUD/USD buyers await China’s return below 0.7100 By anilpanchal7 AUDUSD RiskAppetite China Fed RBA
That said, the US Bureau of Labor Statistics offered a positive surprise to the US dollar bulls with January’s employment report. The headline rose by 467K versus the median forecast for a 150K rise and 510K revised prior while the Unemployment Rate rose to 4.0% from 3.9% in December, compared to expectations for a no-change figure. It’s worth noting, however, that the U6 Underemployment Rate extended the south-run to 7.1% from 7.3% previous readouts.
Contrary to the Fed, policymakers at the Reserve Bank of Australia tried to defend the easy money policy. “The RBA doesn’t expect growth in the Wage Price Index to reach 3% until mid-2023. It is a bit more optimistic on average wages growth, though, with this forecast to reach 4% by mid-2023.
Looking forward, second-tier data at home may entertain traders but major attention will be given to China’s returns after a one-week-long holiday, as well as China Caixin Services PMI for January, expected 52.9 versus 53.1 prior. The dragon nation missed the recently hawkish plays, which can push policymakers at the People’s Bank of China towards impressive steps to defend the yen and the same may help the AUD/USD prices to rebound.
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