AUD/USD Drops on Weak Jobs Data Despite Fed-Driven Rally
AUD/USD retreated 0.4% to 0.6380 in Asian trading, erasing Wednesday's Fed-inspired gains after Australian employment data disappointed. Australia added only 15.9K jobs in November, well below the 25K forecast, while the unemployment rate ticked up to 4.0% from 3.9%. The weak labor market data overshadowed the initial boost from the Fed's rate cut, which had pushed AUD/USD to 0.6420. Market participants now expect the Reserve Bank of Australia to consider rate cuts in early 2025, pressuring the Aussie dollar. Technical indicators show immediate support at 0.6350 (weekly low), with resistance at 0.6400. The diverging monetary policy outlook between the RBA and Fed could limit AUD/USD upside, despite broad USD weakness. Traders should monitor Chinese economic data for additional directional cues.
Related Symbols:
AUDUSD
This is a summary of the original article by forexcrunch.com. To read the complete article, please visit the source website:
Read Full Article at forexcrunch.comNews data provided by Marketaux. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
