AUD/USD sinks near August lows on Friday’s US NFP data
The post AUD/USD sinks near August lows on Friday’s US NFP data appeared on BitcoinEthereumNews.com.
On Friday, AUD/USD dropped near its August lows at 0.6350, following the release of the US NFP report for November. The US jobs report showed a much stronger than expected increase in jobs. Rising bets for an early interest rate cut by the Reserve Bank of Australia added bearish pressure on the pair. The AUD/USD pair experienced significant weakness on Friday, sinking near its August lows at 0.6350 after the release of the US Nonfarm Payrolls (NFP) report for November. The data showed a much stronger than expected increase in jobs, while rising expectations for an interest rate cut by the Reserve Bank of Australia (RBA) added pressure to the Australian Dollar. Additionally, weaker than expected domestic GDP growth figures further dampened the outlook for AUD/USD. Daily digest market movers: AUD/USD sinks near August lows after US NFP report US Nonfarm Payrolls for November came in at 227,000, far exceeding the previous 12,000 increase and the expected 200,000 figure. The Unemployment Rate ticked up to 4.2% from 4.1%. Monthly Average Hourly Earnings rose by 0.4%, above the expected 0.3%, steady from the previous 0.4%. University of Michigan Consumer Sentiment for December beat estimates at 74.0, improving from 71.8 previously. Five-year inflation expectations dropped to 3.1%, down from 3.2% in November. Rising bets for an early interest rate cut by the Reserve Bank of Australia contribute to bearish sentiment for AUD/USD. AUD/USD technical outlook: Bearish outlook with RSI approaching oversold levels The technical outlook for AUD/USD remains bearish as the pair continues to struggle near its August lows. The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, is approaching oversold conditions, signaling severe selling pressure. Similarly, the Moving Average Convergence Divergence (MACD), which tracks the relationship between two exponential moving averages, is also…
Filed under: News - @ December 7, 2024 6:22 pm