AUD/USD short squeeze takes shape on Wall Street – by fx_ross AUDUSD Currencies RBA Employment DollarIndex
Earlier in the day, the US Dollar rallied to a seven-week high as investors moved in due to its safe-haven allure amid the risk of a US debt default. Additionally, firm US Consumer Spending and Housing data gave the currency a boost as traders anticipated the higher odds of another Federal Reserve interest rate hike.
The US Dollar index, a measure of the greenback's value against six major currencies, climbed as high as 103.11 The move in the high beta Aussie was helped by a rise in US indices on Wall Street. The debt ceiling talks continue after top-ranking lawmakers met with President Joe Biden at the White House on Tuesday. House Representative Speaker Kevin McCarthy argued that a debt-ceiling agreement by Sunday is doable.
´´After the strong jobs report last month, we expect Employment to expand at a still-firm pace of +20k in April though the risk is biased to the upside given favorable seasonals,´´ analysts at TD Securities said. ´´We think labour demand is still outstripping supply and expect the tightness in the labour market to only ease gradually. We look for the participation rate to stay unchanged at 66.6% and the unemployment rate to rise to 3.6% due to higher working-age population growth,´´ the analysts explained. ´´Overall, we think another strong jobs report may pressure the RBA to retain a hawkish tone and the June meeting could be another live decision.
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