US dollar hit two-weeks low amid data divergence.

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US dollar hit two-weeks low amid data divergence.

TOPICS

Tags: AUDUSD, Federal Reserve, Jerome Powell

Willy

April 5, 2024 at 1:11 pm

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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Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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