The AUD/USD pair trades with a mild positive bias near 0.6695 during the early Asian session on Monday.
AUD/USD posts modest gains around 0.6695 on Monday. The markets remain unconvinced that the Fed will pivot earlier than previously expected. Australia’sUnemployment Rate rose more than expected last month, easingthe possibility of another RBA rate hike. The weaker US Dollar provides some support to the pair. TheFed’sBostic, Barr, Waller, Jefferson, and Mesterare setto speak on Monday.The Reserve Bank of Australia will publish the minutes of its monetary policy meeting on Tuesday.
The US central bank emphasized a lack of further progress toward its inflation objective. Investors have priced in 10% odds of a cut in June and nearly 80% chance in September. The higher-for-longer US rate narrative might boost the Greenbackin the near termand cap the upside of the AUD/USD pair. On the Aussie front,Australia’sjobless rate climbed more than expected last month, easingthe chance of another RBA rate hike.The recent jobs report showed the economy added 38.
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