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US dollar hit two-weeks low amid data divergence.
TOPICSTags: AUDUSD, Federal Reserve, Jerome Powell
US dollar fell against other major currencies to two-week low amid uncertainty over policy adjustment from Federal Reserve. On Wednesday, Fed Chair Jerome Powell in a speech at Stanford Graduate School of Business emphasized that they need to wait for more data before cutting interest rates.
While services industry experienced a slowdown, private sector jobs growth has posted higher than expected reading, creating confounding signals with regards to US current economy state. Similarly, Initial Jobless Claims shows an increase in unemployment claims, where both jobs’ data from private sector and jobless claims create uncertainty upon tonight’s Nonfarm Payrolls report.
(AUD/USD Daily Chart)
On the other hand, Australian dollar received a leg up due to divergence in monetary policy. Market participants widely expects Federal Reserve to cut interest rates as early as June while Bank of Australia is expected to keep policy on hold until November.
Disclaimer
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Markets are susceptible to changes in supply and demand
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Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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