Last week, the Aussie dollar posted a massive decline, erasing the early April gains. This week traders will need to monitor the uncertain geopolitical environment in the Middle East as it impacts risk appetite, as well as Australian jobs data and Chinese GDP for the first quarter.
AUD/USD posted a positive start to the week after appearing to find momentary support at 0.6460 – the 31st of May 2023 swing low. Last week’s sharp decline provides the backdrop for a potential ‘’ at the start of the week. If Chinese GDP proves lackluster, AUD may come under pressure until the Aussie jobs data on Thursday.
However, if Israel heeds the strong calls from US President Joe Biden and the UN, a moment of relative calm may prevail but that alone is unlikely all it will take to see AUD/USD fully reclaim recent losses.FX pairs have their own idiosyncrasies that all traders should be aware of. Discover what moves AUD/USD via our comprehensive guide below:We typically take a contrarian view to crowd sentiment
Aussie Dollar Decline Geopolitical Environment Middle East Risk Appetite Australian Jobs Data Chinese GDP
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