Aussie Hits 1-Week Lows as US Dollar Holds 2-Month Highs Before 95,000-Job Test
Updated
Updated · Convera · Jun 4
Aussie Hits 1-Week Lows as US Dollar Holds 2-Month Highs Before 95,000-Job Test
3 articles · Updated · Convera · Jun 4
Summary
AUD/USD hovered near one-week lows while the dollar index held close to two-month highs ahead of Friday’s US payrolls report, with markets braced for 95,000 new May jobs and 4.3% unemployment.
A stronger US reading—especially firmer wage growth—could extend the dollar’s rally, while the Aussie has failed to benefit from Australia’s rebound to an A$1.8 billion April trade surplus.
Exports jumped 7.2% from March and imports rose 0.8%, but softer AUD positioning and weak cross-currency performance kept sentiment fragile; AUD/EUR, AUD/GBP and AUD/CNY all sat at one-week lows.
Technical levels also point to fading momentum, with AUD/USD near its 50-day EMA at 0.7128; a break lower would target 0.7039, while a rebound would need to clear 0.7160.
Broader regional FX moves still favored the greenback, with USD/SGD at two-month highs and USD/CNH firmer as Iran tensions and an uneasy ceasefire sustained demand for safer dollar exposure.