The AUD/USD pair trades with mild gains near 0.6670 on Friday during the early Asian trading hours.
AUD/USD posts modest gains around 0.6670 in Friday’s early Asian session. The softer US employment data this week triggered the Fed rate cut expectation in September. RBA’s Bullock said the central bank won’t hesitate to hike again if inflation remains sticky. The growing speculation about the US Federal Reserve rate cut and softer US economic data weigh on the US Dollar and create a tailwind for AUD/USD. Later on Friday, the US Nonfarm Payrolls data for May will be in the spotlight.
Earlier this week, the US Manufacturing PMI came in weaker than the expectation, dropping to 48.7 in May from 49.2 in April. On the other hand, the hawkish tone from Reserve Bank of Australia Governor Michele Bullock on Wednesday has provided some support to the Australian Dollar . RBA’s Bullock said the central bank Plan A is to remain data-driven, indicating the RBA will maintain its neutral stance for the time being.
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