Renewed and robust buying pressure on the US Dollar (USD) spurred a reversal in AUD/USD on Thursday, prompting it to give away initial gains to multi-day peaks in the 0.6630-0.6635 band.
AUD/USD could not sustain a move to the 0.6630 zone. Further gains in the Greenback weighed on the Aussie dollar. The Australian labour market report surprised to the upside. Renewed and robust buying pressure on the US Dollar spurred a reversal in AUD/USD on Thursday, prompting it to give away initial gains to multi-day peaks in the 0.6630-0.6635 band.
Reinforcing the above, the initial solid gains in the pair were propped up by auspicious prints from the Australian labour market for the month of February. On this, the Unemployment Rate ticked lower to 3.7% and the Employment Change increased above estimates by 116.5K individuals. Considering the differing timelines for monetary policy adjustments between the RBA and the Fed, the Australian dollar may gather momentum later in the year, potentially leading to further gains in AUD/USD.
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