Autralian dollar rises after regaining daily losses amid a firmer ASX 200 Index.

The Australian Dollar (AUD) recovers intraday losses and enters positive territory on Monday, possibly spurred by increases in the domestic share market. The ASX 200 Index rises during the week’s first session, aided by a spike in technology firms. However, the solid US Dollar (USD) may attempt to limit the AUDUSD pair’s gain.

Australian dollar (AUD) encountered headwinds following the announcement of unchanged Final Retail Sales and disappointing Trade Balance data from Australia the previous week. Notably, Australia posted its smallest trade surplus in five months in February, which was largely due to a drop in iron ore shipments.

The US dollar rose on the lessened possibility of a Fed rate cut in June.

The US Dollar Index (DXY) rose on higher US Treasury yields following the announcement of strong nonfarm payrolls data from the United States (US) on Friday. The improving job market performance has lessened the chances of the Federal Reserve cutting interest rates in June. According to the CME FedWatch Tool, the chances of a rate cut have dropped to 46.1%.

Daily Market Movers: Australian Dollar Gains Ground on Higher ASX200 Index.

The Australian Dollar (AUD) recovers intraday losses and enters positive territory on Monday.

Australia’s trade surplus (moM) reduced to 7,280 million in March, falling short of the predicted 10,400 million and the February figure of 10,058 million.
Australia’s exports fell by 2.2% month on month, compared with the preceding 1.6% gain. Imports increased by 4.8%, compared to 1.3% previously.
Australia’s Final Retail Sales remained constant at 0.3% in February, meeting predictions.
The US Treasury announced Secretary Janet Yellen’s meeting with China’s Finance Minister Lan Foan, during which they addressed the US and Chinese macroeconomic outlooks and financial developments. They also discussed the Treasury and the Ministry of Finance’s important role in maintaining a long-term communication channel between the two countries.
Lorie K. Logan, President of the Federal Reserve Bank of Dallas, stressed on Friday that In light of the rising threats to inflation, she believes it is premature to consider decreasing interest rates. She emphasized the importance of resolving additional ambiguity about the economic direction before making such judgments.
US Nonfarm Payrolls (NFP) rose by 303,000 jobs in March, exceeding expectations of 200,000 and the prior reading of 270,000.
US average hourly earnings increased by 0.3% month on month in March, meeting forecasts. The prior reading was 0.2 percent. The yearly increase was 4.1%, in line with market expectations but slightly lower than the previous year’s 4.3%.

Nonfarm payrolls added 303,000 new positions in March, exceeding the expected 200,000.

US Initial Jobless Claims for the week ended March 29 increased by 9,000 to 221,000 from the previous week’s figure of 212,000, falling short of market expectations of 214,000.
The US Challenger Job cuts increased to 90.309K in March, up from 84.638K the previous month.
US ADP Employment Change increased by 184K in March, compared to 155K in February, exceeding the market consensus of 148K.