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AUD/USD stays subdued for fifth straight day near 0.6930
The Australian dollar weakened as persistent US inflation concerns and expectations for higher US interest rates supported the dollar before Friday’s US employment data.
AUD/USD traded around 0.6930 during Asian hours on Friday, remaining subdued for a fifth consecutive day, according to FXStreet.
The US dollar drew support from ongoing inflation concerns tied to elevated energy costs, along with market expectations of higher US interest rates.
FXStreet also notes traders were focused ahead of Friday’s US September employment data, with economists projecting Nonfarm Payrolls to add 90,000 jobs and the unemployment rate to hold at 4.1%.
In Australia, Commonwealth Bank CEO Matt Comyn said the Reserve Bank of Australia has finished hiking for now, but the November meeting is still “live,” with the next move depending on quarterly inflation data due at month end.