“¢ US private sector employment rose by 129K jobs in March, lower than anticipated.
“¢ The disappointment was offset by an upward revision of the previous month’s reading.
“¢ US-China trade optimism remains supportive ahead of US ISM non-manufacturing PMI.
The AUD/USD pair maintained its strong bid tone through the early North-American session and had a rather muted reaction to the release of US private sector employment details.
The pair moved little and held comfortably above the 0.7100 handle after the latest ADP report, released just a while ago, showed that the US private sector employers added 129K new jobs in March as against consensus estimates pointing to addition of 170K jobs.
The negative headline print, to a larger extent, was negated by an upward revision of the previous month’s reading, now showing addition of 197K as compared to 183K reported previously, though did little to impress the US Dollar bulls or provide any meaningful impetus.
Meanwhile, the latest optimism over progress in the US-China trade talks, coupled with easing fears of a sharp slowdown in the world’s second-largest economy continued underpinning the China-proxy Australian Dollar and remained supportive of the positive mood.
Today’s US economic docket also features the release of ISM non-manufacturing PMI, which might serve as a precursor to Friday’s official monthly jobs report (NFP) contribute towards producing some meaningful trading opportunities later in the day.
Technical levels to watch
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