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Market News AUD/USD continues higher above 0.6770 on China-Aussie trade optimism

AUD/USD continues higher above 0.6770 on China-Aussie trade optimism

Amid optimism on Sino-Australian trade, AUD/USD has extended its bounce above the key level of 0.6770. S&P500 futures have showed a recovery move, shrugging-off the gloomy sentiment experienced in Thursday’s session. Investors will receive more insight about the US job position following the release of the US NFP data.

Alina Haynes

2023-01-06

6454

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The AUD/USD pair strengthened following a downward decline to about 0.6740 during the late New York session. In response to reports that China is lifting restrictions on imports of Australian commodities, the Australian dollar has extended its recovery over the 0.6773 barrier.

Similarly, S&P500 futures have exhibited a rebound rise, brushing off the gloomy attitude observed during Thursday's trading session. An improvement in the risk appetite of the market players is also strengthening the Australian Dollar. The US Dollar Index (DXY) has also experienced a growing selling pressure and has slid to roughly 104.75 in early activity. The yield on the 10-year US Treasury is unchanged at 3.72 percent.

The Australian Dollar has sensed demand on expectations that China could ease its trade restrictions on imports of Australian wine, lobsters, and other commodities following earlier reports that Beijing has ended a partial ban on imports of coal from Canberra in a note from Hans Hendrischke, professor of Chinese Business and Management at the University of Sydney, reported by Bloomberg.

After the announcement of stronger-than-expected United States Automatic Data Processing (ADP) Employment Change data, the Federal Reserve (Fed) has a legitimate justification to retain higher interest rates for a longer period of time. A robust job market will continue to be a primary concern for the central bank, as the soaring demand for labor can be offset by rising salaries, which is sufficient to stimulate total demand and ultimately the Consumer Price Index (CPI).

Going forward, investors will get more information on the release of the official US Nonfarm payrolls (NFP) statistics, which will offer the general state of employment.