The AUD/USD pair remains under some selling pressure around 0.6580 during the early Asian session on Monday.
AUD/USD weakens near 0.6580 in Friday’s early Asian session. The strong US employment data prompted traders to push back the expected timing of Fed rate cuts. The RBA’s hawkish stance might support the Aussie and cap the pair’s downside. The renewed US Dollar demand after stronger-than-expected US Nonfarm Payrolls data drags the pair lower.
The strong US employment data might support economic growth and make it less likely that the Fed will lower its borrowing costs anytime soon. This, in turn, might boost the Greenback in the near term and create a headwind for AUD/USD. On the Aussie front, the hawkish stance from the Reserve Bank of Australia might limit the downside for the pair.
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