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Market Update 03/05/2024

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX.
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The AUD registered gains of 0.65% against the USD on Thursday, supported by upbeat market mood amid solid economic data from the US. However, the Feds latest monetary policy decision is still weighing on the Greenback, which finished the session losing 0.27%

On Wednesday, the Fed decided to hold rates unchanged and opened the door to reducing the Quantitative Tightening  pace. Additionally, the Fed Chair said that it’s not appropriate to reduce interest rates as inflation is still high. 

US data showed that Factory orders improved from 1.2% to 1.6% MoM in March as projected, while Americans filling for unemployment benefits for the last week rose by 208K, less than the 21K expected

AUD/USD traders will be looking out for US April’s US Nonfarm Payrolls which are expected to rise 240K vs. 303K in March. The unemployment rate is estimated to stay at 3.8%, while Average Hourly Earnings would likely remain unchanged at 0.3% MoM.

To watch for

• UK – Apr. Official Reserves Change

• EU – Mar. Unemployment Rare

• US – Apr. Average Hourly Earnings m/m

• US – Apr. Change in Nonfarm Payrolls

• US – Apr. Unemployment Rate

• US – Apr. ISM Services Index

• US – Fed’s Goolsbee Speaks

Currency ranges over the last 24 hours

Currency PairLowHigh


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