AUD Edges Higher Against USD Ahead of US NFP Data

The Australian Dollar has seen a slight increase against the US Dollar ahead of the release of the September US Nonfarm Payrolls (NFP) data. Despite the Reserve Bank of Australia's recent interest rate hike, investors remain cautious about further tightening.

The NFP data is expected to show that the US economy created 90,000 fresh jobs in September, down from the previous month's 162,000. Strategists at Brown Brothers Harriman note that expectations for the upcoming report have been marked down notably, with a 'whisper number' of +84,000 and alternative gauges suggesting gains of +67,000.

The Australian Dollar has risen by 0.17% to around 0.6640 against the US Dollar during the European trading session on Friday, despite experts doubting more RBA interest rate hikes in the near term. The AUD/USD pair is still below the 20-period exponential moving average (EMA) at 0.7050 and holds a bearish near-term bias.