- AUD / USD is gaining for the third day in a row, backed by a weaker dollar.
- The dollar hits weekly lows across the board ahead of the nonfarm payroll report.
The AUD/USD it rose further and rose to 0.7409, reaching the highest level since August 5. It is hovering around 0.7400, on its way to the third consecutive daily gain
The dollar loses, the AUD / USD gains
The dollar, as measured by the DXY, is shedding 0.25%, trading at 92.25, the lowest level in nearly a month. Higher stock prices and stable US bond yields weighed on the dollar. US economic data failed to lift the dollar. Jobless claims fell more than expected to their lowest level since March 2020, while factory orders rose 0.4% in July topping the 0.3% market consensus.
Market participants expect the NFP to be released on Friday. The consensus is for a payroll increase by 750,000 and the unemployment rate will drop to 5.2%. The numbers are expected to generate volatility.
The Australian dollar outperformed in the Asian hours, but then lost momentum against its main rivals. AUD / NZD was unable to sustain gains and fell back to 1.0400. In Australia, service sector data is due on Friday.
Technical levels
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