The Australian Dollar exhibited minimal movement following the release of mixed employment data. Employment Change registered at 32.2K, falling short of the anticipated 40K. Concurrently, the Unemployment Rate increased to 4.1% in March, marginally below the projected 4.2%. The US Dollar benefited from robust consumer spending figures for March. Consequently, the AUD/USD pair experienced downward pressure, interrupting a six-day period of gains. Despite the unfavorable employment data, the AUD received some support from improved global risk appetite following US tariff exemptions on key technology products, primarily benefiting Chinese-produced goods. Market sentiment remains cautious due to ongoing uncertainties surrounding US trade policy, with potential tariffs on semiconductors and pharmaceuticals under consideration. Domestically, the Reserve Bank of Australia’s April meeting minutes indicated continued uncertainty regarding the timing of future interest rate adjustments.
