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Market Update 06/05/2024

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 USD DXY has weakened slightly due to the US nonfarm payrolls data came out softer than expected. April Nonfarm Payrolls (NFP) increased by 175k vs 315k in March, falling short of the expected gain of 240k. The unemployment rate also saw a slight uptick of 0.1% to 3.9%, while average hourly earnings (AHE) growth slowed to a 0.2% monthly increase resulting in a 3.9%yearly growth vs 4.1% in March. US April ISM (Institute of Supply Management) services index dropped by 2 points to 49.9, specifically with new orders, production and employment within the service sector were weak.

USDJPY has stabilized around the low 150s and is likely to continue consolidating at this level. This trend is influenced by the release of weaker US data and the Federal Reserve’s more relaxed stance which were significant factors contributing to the USD’s recovery earlier in the year.

Lastly, on Aussie front, the RBA is likely to keep its key interest rate at 4.35% on Tuesday as inflation in Australia remains high. Market participants will take more cues from the RBA press conference after the monetary policy meeting

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