Australian dollar drops on trade data and Caixin services

Australian dollar drops on trade data and Caixin services

On Thursday, the Australian dollar sank in Asia, with trade data weighing moderately along with China Caixin PMI figures. Additionally, the market looked ahead to end of the week nonfarm payroll data following a Fed review on rates, which might confirm a highly anticipated June lift.

Measures the greenback’s value against a basket of currencies, the US dollar index lost 0.04%, trading at 99.22. 

The currency pair AUD/USD showed 0.7409, slumping 0.19%. As for USD/JPY, the pair got to 112.88, rising 0.12%.

As China states, April’s Caixin services PMI sagged to 51.6. In March, Australia’s trade balance was  A$3.107 billion, and it’s less than the A$3.4 billion surplus observed.    

Overnight, the Fed left its benchmark rate intact, keeping within 0.75-1%.

As for jobs and inflation, the Fed told that the labor market kept strengthening as job gains turned to be solid enough in recent months while inflation kept running below 2%.

The US major bank repeated its view that monetary policy will still be accommodative to underpin both an uptick in labor market conditions as well as a sustained return to 2% inflation.

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