Australian Dollar moves higher after recovering daily losses amid a stronger ASX 200 Index.
Australia’s equity market strengthens following Friday's gains on Wall Street.
US Dollar gained ground on the reduced likelihood of a Fed rate cut in June.
US Nonfarm Payrolls added 303,000 new jobs in March, surpassing the anticipated 200,000 jobs.
The Australian Dollar (AUD) recovers intraday losses and moves into positive territory on Monday, likely influenced by gains in the domestic equity market. The ASX 200 Index sees upward movement during the week's opening session, particularly driven by a surge in tech stocks. However, the steady US Dollar (USD) may attempt to constrain the advancement of the AUD/USD pair.
Australian Dollar (AUD) faced challenges following the release of unchanged Final Retail Sales and downbeat Trade Balance data from Australia during the previous week. Notably, Australia reported its smallest Trade Surplus in five months for February, attributed partly to a decline in iron ore exports.
The US Dollar Index (DXY) gained ground on higher US Treasury yields following the release of robust Nonfarm Payrolls data from the United States (US) on Friday. The improved labor market performance has reduced the likelihood of a rate cut in June from the Federal Reserve (Fed). According to the CME FedWatch Tool, the probability of a rate cut has decreased to 46.1%.
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