Australian Dollar trades higher against US Dollar ahead of US NFP data
The Australian Dollar (AUD) is 0.17% higher at around 0.6640 against the US Dollar (USD) during the European trading session on Friday. The Aussie pair gains as the Australian Dollar rises despite experts doubting about more Reserve Bank of Australia (RBA) interest rate hikes.
The Australian Dollar (AUD) gained strength against the US Dollar (USD) as the market anticipated US Nonfarm Payrolls (NFP) data. Australia's central bank, the Reserve Bank of Australia (RBA), raised interest rates by 25 basis points to 4.6%, despite some doubts about further hikes. BBH strategists noted that Governor Michele Bullock's remarks appeared to lessen the urgency for additional rate hikes.
Meanwhile, the US Dollar Index (DXY) declined marginally before the US NFP release. AUD/USD was trading near 0.6937, with sellers likely to dominate as long as the pair stayed below the 20-day EMA at 0.7050.
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