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AUD Nears Key Resistance Ahead of NFP

FOREX
  • JPY is trading weaker as markets partially reverse the recovery off the week's multi-year low, running in contrast with the softer equity market after the risk-off wave pushing stocks lower into Thursday's quarterly close.
  • AUD is trading more favourably, with AUD/USD back above $0.7500 and narrowing the gap with the cycle high at 0.7540 printed on Mar28. Progress through here opens 0.7556, the Oct 28 High and a key resistance.
  • Markets remain on watch for any further steps toward a ceasefire made at new negotiations between Russian and Ukrainian representatives today. Comments from Lavrov today suggest there has been movement forward between the two sides, and that Russia has seen "much more understanding" from the Ukrainian side.
  • Nonfarm payrolls for March takes focus going forward, with markets expecting job gains of 490k - a slightly slower pace of job gains relative to the 678k seen in February. Full MNI preview here: https://marketnews.com/mni-us-payrolls-preview-eye...
  • ISM Manufacturing data follows 90 minutes later, with prices paid subcomponent seen rising once again to 80.0. ECB's De Cos, Makhlouf and Fed's Evans are due to speak.
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