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Forex News

AUD/USD struggles near weekly lows, around 0.60 mark

  • AUD/USD remained depressed for the fourth straight session amid sustained USD buying.
  • The USD maintained its strong bid tone despite the disappointing release of US jobs data.
  • The US economy lost 701K jobs in March and the unemployment rate jumped to 4.4%.

The AUD/USD pair maintained its offered tone near weekly lows, around the key 0.60 psychological mark and failed to gain any respite from awful US monthly jobs report.

The pair witnessed some follow-through selling for the fourth consecutive session on Friday and extended this week’s retracement slide from levels beyond the 0.6200 round-figure mark amid sustained buying around the US dollar.

The greenback managed to preserve its recent strong gains and seemed rather unaffected the official US employment details, which showed a loss of 701K jobs in March and a spike in the unemployment rate to 4.4% from 3.5% previous.

The market reaction, however, turned out to be rather muted as the report included details only until March 12, before any major US state had gone into lockdown, albeit illustrated the extent of the economic fallout from the coronavirus pandemic.

Apart from this, the prevalent cautious mood around the equity markets further undermined demand for perceived riskier currencies – including the Australian dollar – and contributed to the pair’s weaker tone through the early North-American session.

Moving ahead, Friday’s US economic docket also features the release of ISM Non-Manufacturing PMI, which will be looked upon for some impetus and grab any meaningful trading opportunities on the last day of the week.

Technical levels to watch

 

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