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Jobs Report Takes Focus

AUD

Better risk appetite generated demand for AUD/USD Wednesday, as the lack of escalation in Russia-Ukraine standoff took the edge off geopolitical jitters, while the latest Fed minutes failed to provide any hawkish impulse.

  • AUD/USD trades +12 pips at $0.7207, with bulls looking to a move through Feb 10 high of $0.7249. A break above that level would open up Jan 20 high of $0.7277. On the flip side, a dip through Feb 14 low of $0.7086 would allow bears to target Feb 4 low of $0.7052.
  • Late on Wednesday RBA Dep Gov Debelle reiterated that the evolution of the economy will determine cash rate settings, while underlining the idea that it is possible, but not inevitable, that rates will rise in '22.
  • Australia's monthly Labour Force Survey will be published later this morning. The unemployment rate is expected to remain at 4.2%, according to Bloomberg's survey of analysts.
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