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Market News AUD/USD surges to around 0.6820 in advance of Reserve Bank of Australia policy announcement

AUD/USD surges to around 0.6820 in advance of Reserve Bank of Australia policy announcement

As attention has shifted to the RBA's monetary policy, AUD/USD has strengthened to near 0.6820. The RBA is anticipated to raise rates by 25 basis points for the third time in a row. Solid US NFP failed to give the US Dollar with new life.

Daniel Rogers

2022-12-05

7697

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After a corrective dip below 0.6780, the AUD/USD pair experienced a significant rebound during the Tokyo session. Amid the risk appetite profile, the Aussie asset has accelerated to about 0.6820 and is anticipated to extend its advances beyond the previous week's high around 0.6845.

Meanwhile, the US Dollar Index (DXY) has moved little sideways above Friday's low of 104.40 as bullish market mood has diminished the appeal of safe-haven assets. The positive United States Nonfarm Payrolls (NFP) report has failed to boost the US Dollar. In November, the US economy added 263K jobs, compared to the previous report of 200K. In addition, the labor cost index has increased to 5.1% annually.

A robust labor market and rising earnings signal an increase in inflationary pressures as households acquire more disposable income. This could increase demand for perishable and durable items, hence sustaining price growth.

On the antipodean front, investors await the Reserve Bank of Australia's (RBA) interest rate decision, which will be revealed on Tuesday. Economists from UOB Group stated, "We anticipate another 25 basis point (bps) raise at the final monetary policy meeting of the year on December 6, bringing the OCR to 3.10 percent."

Notably, this might be the third consecutive 25-bps rate increase by RBA Governor Philip Lowe. In October, the monthly Consumer Price Index (CPI) decreased to 6.9% from the previous reading of 7.3%. Still, the inflation rate remains well above the 2% objective, necessitating a continuation of policy tightening.

In addition, investors will monitor the Caixin Service PMI data. The economic statistics is expected to be somewhat higher at 48.8 compared to the previous report of 48.4.