The AUD/USD pair attempted to crawl back on Monday morning as investors continued to focus on last Friday\u2019s stellar jobs numbers from the United States.
Enter your emailThe pair will likely continue falling as bears target the key support level at 0.6970.Timeline: 1-2 days.The AUD/USD pair attempted to crawl back on Monday morning as investors continued to focus on last Friday’s stellar jobs numbers from the United States.Trade AUD/USD NowThe AUD/USD pair declined sharply on Friday after the US published strong jobs numbers. The data revealed that the American economy did well in January even as the unemployment rate rose.
The number was also better - by far - than the estimate by ADP, which predicted that the economy lost more than 300k jobs. Most importantly, the BLS upgraded the number of jobs that the economy added in January. Focus now shifts to the American inflation numbers that come on Thursday. Economists expect that the data will show that the headline consumer price index rose to 7.3% while core CPI rose to 5.9%. If analysts are accurate, it means that the country’s inflation will be the highest it has been in more than 40 years.
Therefore, with the labour market being strong and inflation rising, the Fed will have the motivation to be more aggressive when it delivers its rate decision in March., where the Reserve Bank of Australia delivered its decision last week. The bank decided to leave its interest rate unchanged at 0.10%. Most importantly, the bank decided to end its quantitative easing .
In a later speech, the bank’s governor noted that it will likely increase interest rates if the data continue being supportive. Numbers have been relatively strong. Inflation has risen and the unemployment rate has fallen.The four-hour chart shows that the AUD/USD pair declined sharply last Friday after the strong American jobs numbers.
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