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2 Apr 2014
AUD/USD mildly bullish, but risk appetite capped
FXStreet (London) - AUD/USD has crept up through the session, but any risk-supported gains for AUD have been capped by anticipation of Friday’s non-farm payroll numbers.
ADP numbers support optimism
We saw a slight miss in US ADP expectations today, but it was nevertheless a strong print, with a 191k increase in employment, along with a 178k upward-revised gain for February.
The ADP numbers followed the trend seen in ISM and PMI reports, with a return of demand following the below-normal temperatures and disruptive weather conditions seen in the US at the beginning of the year.
Although ADP figures have poor form when it comes to indicating the likely direction of subsequent non-farm payroll numbers, today’s positive tone has helped to support optimism ahead of Friday’s NFPs, where the consensus expectation is for 200k new jobs to be added to the US economy in March.
Aussie trade balance could disappoint
Australian retail sales data due overnight is expected to see a slowdown to 0.3 after last months big 1.2 percent gains, however we could see sales contract. Trade balance data also due could have greater potential for upset. Consensus expectations are for a slide from 1,433m to 850k, however weakening Chinese demand hitting Australian exports could push that figure lower.
AUD/USD is currently trading at USD0.9246, up 0.04 percent after dropping from session highs at USD 0.9263 on the ADP numbers.
ADP numbers support optimism
We saw a slight miss in US ADP expectations today, but it was nevertheless a strong print, with a 191k increase in employment, along with a 178k upward-revised gain for February.
The ADP numbers followed the trend seen in ISM and PMI reports, with a return of demand following the below-normal temperatures and disruptive weather conditions seen in the US at the beginning of the year.
Although ADP figures have poor form when it comes to indicating the likely direction of subsequent non-farm payroll numbers, today’s positive tone has helped to support optimism ahead of Friday’s NFPs, where the consensus expectation is for 200k new jobs to be added to the US economy in March.
Aussie trade balance could disappoint
Australian retail sales data due overnight is expected to see a slowdown to 0.3 after last months big 1.2 percent gains, however we could see sales contract. Trade balance data also due could have greater potential for upset. Consensus expectations are for a slide from 1,433m to 850k, however weakening Chinese demand hitting Australian exports could push that figure lower.
AUD/USD is currently trading at USD0.9246, up 0.04 percent after dropping from session highs at USD 0.9263 on the ADP numbers.