AUD/USD could be worth keeping an eye on this week with the RBA’s interest rate decision due in a matter of hours, while the US is scheduled to release key economic data, including the NFP report, over the coming days.
The Australian central bank is widely expected to deliver its fifth consecutive 50bps rate hike today, before possibly pivoting to a slower pace of tightening in the upcoming months. On the other hand, strong US jobs data over the past few months have supported the Fed’s aggressive tightening cycle, but after weak ISM manufacturing data on Monday, will see further signs of a slowdown in the American economy weigh on the US Dollar?
AUD/USD has been consolidating after breaking support around 0.6579, and the developments over the course of this week could be crucial in determining whether losses extend from here, or if the pair can attempt a rebound.
Check out this article for a deeper insight into what to expect and key price levels to keep an eye on: