- AUD / USD remains relatively quiet below the 0.7300 level on Friday.
- The US Dollar DXY Index continues to push lower as Biden closes in on victory.
- The focus shifts to the October US NFP Nonfarm Payroll Report.
The pair AUD/USD closed the first four days of the week in positive territory and reached its highest level since late September at 0.7290 on Thursday before entering a consolidation phase. At time of writing, the pair is down 0.22% on the day at 0.7265.
The broad selling pressure around the US dollar and market risk appetite sentiment has allowed AUD / USD to remain bullish throughout the week. With the latest results showing that Joe Biden has taken a small advantage in the state of Georgia on his way to a possible victory in the presidential race, the USD continues to struggle to achieve a significant rally. At the moment, the US Dollar DXY Index is down 0.28% on the day at 92.37.
Focus shifts to NFP
At the start of today’s American session, the US Bureau of Labor Statistics. to publish the NFP nonfarm payroll report. Investors expect the NFP Increase in 600,000 new jobs in October and the unemployment rate falls to 7.7% from 7.9%.
In the meantime, investors may look to withdraw some of their gains after a volatile week and a late correction in major currency pairs could be seen towards the end of the European session.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
