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AUD/USD Nearing Key Support After Printing Fresh YTD Low

FOREX
  • The single currency trades well early Friday, with similar strength seen across the USD and CHF as equities ebb off the recovery highs posted end-Thursday.
  • AUD and NZD are among the worst performers as risk appetite remains clearly fragile, prompting new YTD lows in AUD/USD below 0.7050.This puts prices within range of next key support at the early November 2020 lows at 0.6991.
  • Nonfarm payrolls takes focus going forward, with markets expecting the US to have added 550k jobs over the month, pressing the unemployment rate lower to 4.5%. The data will come into particular focus given the proximity to Powell's commitment to discussing an acceleration of the tapering of bond purchases at December's FOMC meeting.
  • Fed's Bullard speaks following the NFP release, with BoE's Saunders and ECB's Lane also on the docket.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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