AUD/USD gains traction to near 0.6450 as Anthony Albanese wins a second term as Australian PM
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AUD/USD edges higher to near 0.6450 in Monday’s early Asian session. Albanese won a second term as Prime Minister in Federal Election results on Saturday. US NFP rose 177,000 in April, stronger than expected. The AUD/USD pair gathers strength to around 0.6450 during the Asian session on Monday. The Australian Dollar (USD) strengthens against the Greenback after Australian Prime Minister Anthony Albanese won a second three-year term in Federal Election 2025, making major gains in Federal Election results on Saturday. Labor Party leader and Prime Minister Albanese claimed a majority in the parliament on Saturday, with over 45% of the votes counted. Albanese became the first leader in decades to secure a second term, defeating opposition leader Peter Dutton of the centre-right Liberal-National coalition. The expectations of policy continuity under Albanese after his re-election for a second term could boost the Aussie in the near term. The attention will shift to a possible improvement in US-China trade relations. China’s Commerce Ministry said on Friday that Beijing is considering an offer from the US to engage in trade negotiations, a week after US President Donald Trump claimed talks were already underway. However, any signs of escalation between the world’s two largest economies could weigh on the China-proxy Aussie, as China is a major trading partner to Australia. Data released by the US Bureau of Labor Statistics (BLS) on Friday showed that Nonfarm Payrolls (NFP) in the United States (US) rose by 177,000 in April. This figure followed the 185,000 increase (revised from 228,000) seen in March and came in above the market consensus of 130,000. Meanwhile, the Unemployment Rate remained unchanged at 4.2% in April, as expected, while the Average Hourly Earnings held steady at 3.8% YoY in the same reported period. The US Dollar (USD) remains weak despite the upbeat…
Filed under: News - @ May 4, 2025 11:26 pm