The renewed upside bias in the US Dollar (USD) kept the price action around the Australian dollar subdued on Thursday, prompting AUD/USD to give away part of the important gains recorded in the previous session.
AUD/USD faded part of Wednesday’s strong advance. The Greenback regained its smile as investors assessed the FOMC event. The Australia n labour market report came in on the strong side. The renewed upside bias in the US Dollar kept the price action around the Australia n dollar subdued on Thursday, prompting AUD/USD to give away part of the important gains recorded in the previous session.
Supporting this outlook, the RBA's Monthly CPI Indicator increased more than expected in April, rising to 3.6% from 3.5%. Given the prospects of the Fed easing its monetary policy later in the year vs. the likelihood that the RBA will maintain its restrictive stance for an extended period, AUD/USD could see potential gains in the short term. On the domestic docket, the Australian labour market remained well and sound after the Unemployment Rate ticked lower to 4.
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