AUD Edges Up Against USD Ahead of US NFP Data

The Australian Dollar (AUD) has edged up against the US Dollar (USD), trading at around 0.7040 ahead of the highly anticipated US Nonfarm Payrolls (NFP) data for July.

The Fed is expected to raise interest rates next month, with a 54.7% chance of a hike in the September policy meeting according to the CME FedWatch tool.

TD Securities predicts that payrolls will likely edge up to 70k, but cautions that any upside surprise could add fuel to fire for hikes, particularly with the unemployment rate at 4.2%.