The Australian Dollar experienced limited movement following the release of employment figures, with Employment Change registering at 32.2K, below the anticipated 40K. The Unemployment Rate in Australia increased to 4.1% in March, marginally under the projected 4.2%. Concurrently, the US Dollar benefited from robust consumer spending data for March. The AUD/USD pair is currently trading lower, ending a six-day period of gains. This downward pressure is attributed to the aforementioned Australian employment data. The Australian Dollar received moderate support from improved global risk appetite after the US President announced tariff exemptions for key technology products. These exemptions primarily benefit goods manufactured in China, a significant trading partner for Australia and a major consumer of its commodities. Market sentiment remains cautious due to ongoing uncertainty surrounding US trade policies, with potential tariffs under consideration for semiconductors and pharmaceuticals. Domestically, the Reserve Bank of Australia’s April policy meeting minutes indicated uncertainty regarding the timing of future interest rate adjustments.
