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Market prepares for US Nonfarm Payrolls Report

Friday 7th of April

Australian Dollar:

The Australian dollar again offered little to incite excitement through trade on Thursday failing to recoup early week losses and bounced about amid a 40 point range between 0.7535 and 0.7575.With little domestic data on hand to drive direction the AUD was at the mercy of offshore stimulants and moved marginally lower throughout the day as investors adding support to the USD on larger than expected fall in unemployment claims. Losses were however tempered as market participants warily sat back ahead of a two day summit between Presidents Trump and Xi Jinping. The risk of hard-line claims of currency manipulation is forcing investors to the sidelines as attentions turn to today’s all important non-farm payroll print. The Aussie remains poised to break either side of bullish and bearish channels with a close below the 200 day moving average possibly prompting a shift toward the March low. 

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