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The AUD/USD Finds Support Around 0.7500 As Attention Turns to Australia's Unemployment Rate

Drake Hampton

Apr 13, 2022 10:10

  • The AUD/USD currency pair has sensed a pullback from 0.7500 ahead of Australia's unemployment rate announcement.

  • Investors are shrugging off stronger US inflation data, but interest rates are poised for a modest increase.

  • Australia's preliminary unemployment rate of 3.9 percent signals outperformance.

 

After a good positive comeback from Tuesday's low of 0.7400, the AUD/USD pair has had a little retreat to about 0.7500. The major has recovered following Tuesday's publication of US inflation. Market participants anticipated an 8.5 percent increase in the US Consumer Price Index (CPI), which prompted some bids in the antipodean.

 

Inflation at a multidecade high and a greater participation rate in the US labor market point to a major rate hike in May's monetary policy. Price pressures on essential items are weighing on the US economy, as evidenced by the US CPI ex-food and energy's weak performance. Inflation in the United States, excluding food and energy, was recorded at 6.5 percent in a mid-market estimate and preceding number.

 

Earlier in the day, the asset fell substantially from last week's high of 0.7662 after the Reserve Bank of Australia (RBA) decided to maintain the current interest rate and take a 'wait and see' strategy. The RBA's monetary policy insights revealed that the government has not yet experienced any constructive price pressures capable of pushing interest rates higher.

 

Market investors will closely monitor the Australian Unemployment Rate, which is due on Thursday, for additional guidance. A early estimate of Australia's unemployment rate reveals a decrease to 3.9 percent from a previous reading of 4%.

AUD/USD

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