AUD/USD drifted sideways on Wednesday, and further sideways action is expected to be seen ahead of the AU jobs figures this morning, at 01:30 GMT. This data is significant and will be seen as “a key test of the RBA’s assertion growth is close to trend and employment growth is ‘moderate’,” according to NAB. “As we noted yesterday, a clear downturn in the domestic indicators is likely needed to prompt a September rate cut.” NAB expects 15k Aussie jobs were added in July. "Should today’s run of data prove about as positive as we expect, the AUD/USD should continue to draw support from a high and rising yield differential," comments NAB.
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