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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.
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