AUD/USD recovers its recent losses above 0.6300 ahead of Australian PMI

AUD/USD recovers its losses ground above the 0.6300 mark in early Monday.
Fed Chair Jerome Powell and other officials believe rates will stay on hold and may have peaked unless inflation rises.
The latest Australian jobs data showed the labor market is easing.
Market players will monitor the preliminary Australian S&P Global Composite PMI on Monday.

Lallalit Srijandorn FXStreet

The AUD/USD pair kicks off the new week on a positive note during the early Asian session on Monday. The modest rebound of the pair is supported by a decline in the US Dollar (USD) and a correction in the US Treasury Bond yield. The pair currently trades around 0.6320, gaining 0.10% for the day.

The Federal Reserve (Fed) Chair Jerome Powell signaled a desire to pause rate hikes and watch how economic data develops in the coming months. Powell further stated that more monetary policy tightening might be appropriate if there are more indications about above-trend growth or if the labor market stops easing.

Furthermore, Atlanta Fed President Raphael Bostic said on Friday that he doesn't think that the US central bank will cut the rate before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference to keep interest rates unchanged. While Fed Cleveland President Loretta Mester said the US central bank is "at or near the peak of the rate hike cycle. However, the data released this week might convince the central bank about the further monetary policy path.

About the data, September’s US budget deficit was $170 billion, according to the Treasury Department on Friday. The overall 2023 budget deficit was $1.695 trillion, 23% larger than the previous year and exceeding all pre-COVID deficits.

On the Aussie front, the recent Australian jobs data showed the labor market is easing. The Employment Change fell more than estimated, but the Unemployment Rate data showed a positive by falling more than expected. Markets expected the Reserve Bank of Australia (RBA) to tighten policy further. RBA Governor Michele Bullock said that if inflation persists above projections, the RBA would take appropriate policy actions.

Looking ahead, market players will keep an eye on the US S&P Global PMI on Tuesday, the first reading of Q3 Gross Domestic Product (GDP) growth on Thursday, and the Core Personal Consumption Expenditures (PCE) on Friday. On the Aussie docket, the Australian Consumer Price Index (CPI) will be released. These figures could give a clear direction to the AUD/USD pair.

AUD/USD

Overview
Today last price	0.6317
Today Daily Change	0.0003
Today Daily Change %	0.05
Today daily open	0.6314

Trends
Daily SMA20	0.6367
Daily SMA50	0.6406
Daily SMA100	0.6553
Daily SMA200	0.6654

Levels
Previous Daily High	0.6331
Previous Daily Low	0.6297
Previous Weekly High	0.6393
Previous Weekly Low	0.6296
Previous Monthly High	0.6522
Previous Monthly Low	0.6332
Daily Fibonacci 38.2%	0.631
Daily Fibonacci 61.8%	0.6318
Daily Pivot Point S1	0.6297
Daily Pivot Point S2	0.628
Daily Pivot Point S3	0.6264
Daily Pivot Point R1	0.6331
Daily Pivot Point R2	0.6348
Daily Pivot Point R3	0.6365

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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