Snapshot: AUD/USD remains pressured near $0.6650 after this morning’s mixed labour data; unemployment unexpectedly ticked higher to 4.5% while employment change missed forecasts, sparking concerns about the RBA’s tightening path. The data is a potential game-changer if sustained into next month.
- Watch for a break below $0.6630, which would open the door to further downside.
- Today’s 08:30 ET Philly Fed and Unemployment Claims will offer insight into the US outlook and risk sentiment, potentially exacerbating the Aussie’s struggles.
Bias into NY: Downside, with positioning crowded long. A softer US print could offer a temporary reprieve, but crowded longs leave the Aussie vulnerable; a test of $0.6600 appears increasingly likely barring a significant positive surprise from US data.