AUD/USD hovers around 0.6830s after reaching a three-day high, on sentiment shift – by christianborjon AUDUSD Majors Macroeconomics Fed NFP
shift after June’s US employment report exceeded expectations, signaling that recession fears are overblown. At the time of writing, the AUD/USD is trading at 0.6837.A risk-on impulse spreads to the FX space as risk-sensitive currencies rally. The US Labor Department reported that June’sadded 372K jobs to the economy, more than the 268K estimated. Despite a favorable report, the Unemployment Rate remained unchanged at 3.6%, as wage growth remained firm.
The AUD/USD reacted to the downside, printing the daily low at around 0.6791, but bounced off as investors dissected the report, breaking towards fresh three-day highs around 0.6870s. Furthermore, higher commodity prices underpinned the major, as shown by the Bloomberg Commodity Index, up 0.88%, contrarily to Iron Ore prices, down 1.22%, at $113.74 a ton.
At the time of writing, New York’s Fed President John Williams said that the central bank is 100% committed to goals and expected GDP to grow by less than 1% this year. Elsewhere a raft of Fed speakers, namely Waller, Bullard, and Bostic, reiterated their view backing up 75 bps rate hikes in the Fed’s July meeting. They also expressed that the US economy is strong and can withstand higher rates while downplaying recession fears.The Australian economic calendar will feature June’s NAB Business Confidence, the July Consumer Confidence, and the Employment Report for June.
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