AUD/USD Consolidates Near 0.7000 After Strong Australia Jobs Data, RBA Hike Still Priced
AUD/USD is consolidating near the 0.7000 level after robust Australian employment data for June, keeping expectations of a Reserve Bank of Australia rate hike alive with money markets pricing a move to 4.60%.
Brown Brothers Harriman (BBH) analyst Elias Haddad notes that AUD/USD is consolidating near 0.7000 following stronger-than-expected Australian employment data for June. The solid job gains have kept the Reserve Bank of Australia's (RBA) tightening bias intact.
Cash rate futures are currently pricing in a near-certain rate hike to 4.60%, reflecting market expectations that the RBA will continue its tightening cycle. The data supports the Aussie dollar but further gains may be limited as the pair remains rangebound.
Source: FXStreet Forex News