The post Australian Dollar plunges to fresh multi-year low after upbeat US NFP data appeared on BitcoinEthereumNews.com.

AUD tumbles 0.73% to 0.6155 on Friday. Hotter-than-expected NFP bolsters USD demand. Fed’s hawkish tilt and trade tensions between the US and China weigh on Aussie. The Australian Dollar remains under intense selling pressure following stronger-than-anticipated US Nonfarm Payrolls (NFP) data, hovering near multi-year lows around 0.6150. The Federal Reserve’s (Fed) hawkish shift keeps US Treasury yields elevated, further supporting the Greenback. On the domestic front, early Reserve Bank of Australia (RBA) rate-cut expectations and simmering US-China trade war fears continue to undermine the Aussie. Daily digest market movers: Stellar US jobs report boosts USD at Aussie’s expense The US Bureau of Labor Statistics reported 256,000 new jobs in December, beating the 160,000 consensus; November’s figure was revised down to 212,000. Unemployment Rate dipped to 4.1%, while Average Hourly Earnings eased from 4% to 3.9% YoY, slightly moderating inflation worries. Markets now anticipate only one Fed rate cut in 2025, pushing the US Dollar Index (DXY) to a high of 109.96 before a minor pullback. China’s economic uncertainty and renewed tariff concerns bolster safe-haven flows into the USD, adding strain to the trade-sensitive Aussie. RBA’s dovish outlook and speculation about an imminent rate reduction add another layer of weakness to the Australian Dollar. AUD/USD technical outlook: Sellers maintain control as RSI signals oversold conditions The Relative Strength Index (RSI) sits around 28, indicating oversold territory and continuing to trend lower. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram exhibits rising red bars, reflecting intensifying bearish momentum. With the pair firmly below 0.6150, any recovery attempts could struggle unless market sentiment improves or the Fed’s hawkish stance moderates. The immediate support is at 0.6150, the multi-year trough just reached; a break below exposes 0.6100 and then 0.6060 as next potential floors. On the upside, initial resistance aligns near 0.6200, followed by…

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Filed under: News - @ January 11, 2025 6:20 pm