AUD/USD begins the week with extending losses, trades around 0.6560
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AUD/USD begins the week with extending losses, trading around 0.6560. The US Dollar strengthens supported by higher US Treasury yields, putting downward pressure on AUD/USD. The US Nonfarm Payrolls report showed an increase of 303,000 jobs in March, surpassing expectations. The market projects a 70% likelihood of a rate cut by the Federal Reserve in June. Higher copper and oil prices could potentially support the Australian Dollar. Australia recorded its smallest Trade Surplus in five months in February. The Reserve Bank of Australia maintained its cash rate at 4.35% for the third consecutive meeting.
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