The Australian Dollar (AUD) faces hurdles as investors weigh mixed economic data and prepare for upcoming US Nonfarm Payrolls. Hereโs whatโs moving the market:
๐ธ Australia's Producer Price Index (PPI)
Rose 0.9% QoQ in Q3, marking the 17th consecutive inflationary period.
Annual PPI growth slowed to 3.9%, down from 4.8% in Q2, reflecting a cooling inflation pace.
๐ธ China's Economic Signals
Caixin Manufacturing PMI reached 50.3 in October (up from 49.3), beating the forecast of 49.7.
As Australiaโs major trade partner, an uptick in Chinaโs manufacturing could support Australian exports.
๐ธ US Dollar Pressures
The USD softened after Personal Consumption Expenditures (PCE) data but is held up by cautious sentiment ahead of Fridayโs Nonfarm Payrolls.
๐ธ AUD/USD Outlook
After recent gains, the AUD remains pressured but finds support from RBA's hawkish stance.
The AUD/USD pair faces technical levels at 0.6550 (support) and 0.6604 (resistance).
๐ผ What to Watch
Fridayโs US Nonfarm Payrolls: Expected job addition of 113,000 in October, with the unemployment rate forecasted at 4.1%.
๐ Key Indicators to Monitor
Market sentiment as inflation and employment data evolve.
RBA policy cues and potential impacts on AUD stability.
Stay tuned for further updates as the AUD continues to navigate these economic crosswinds!
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