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1 Apr 2015
AUD/USD erases intraday losses
FXStreet (Córdoba) - AUD/USD has managed to recover some ground at the beginning of the American session after hitting a fresh 3-week low earlier on the day.
Although Australian data came in mainly in line with expectations, the Aussie weakened further during the European session and hit a low of 0.7582 before finding support and bouncing. The recovery of the AUD/USD received a slight boost following disappointing US ADP employment data (189K vs 225K exp) and reached a session high of 0.7631. At time of writing, the pair is trading at the 0.7620 area, virtually unchanged on the day.
However, the Australian dollar remains under pressure and near a 6-year low struck at 0.7560 on Mar 11 amid divergent monetary policy outlooks between the RBA and the Fed, amid growing speculations the RBA could lower rates next week and further cuts might follow.
Although Australian data came in mainly in line with expectations, the Aussie weakened further during the European session and hit a low of 0.7582 before finding support and bouncing. The recovery of the AUD/USD received a slight boost following disappointing US ADP employment data (189K vs 225K exp) and reached a session high of 0.7631. At time of writing, the pair is trading at the 0.7620 area, virtually unchanged on the day.
However, the Australian dollar remains under pressure and near a 6-year low struck at 0.7560 on Mar 11 amid divergent monetary policy outlooks between the RBA and the Fed, amid growing speculations the RBA could lower rates next week and further cuts might follow.