AUDUSD to struggle to climb back above 0.70 before the end of the summer – ING

The Australian Bureau of Statistics is set to release the May jobs report in the early trading hours of the Asian session on Thursday. However, the data is unlikely to move the aussie. Economists at ING expect the AUD/USD to stay below the 0.70 level over the next few weeks.

Jobs numbers no game changer

“Australian jobs numbers for the month of May will be released overnight. While jobs markets tended to have a key role in driving rate expectations, we believe that today’s actions by the Fed will have a bigger impact on the Reserve Bank of Australia rate expectations and on the aussie dollar.”

“AUD and RBA dynamics have not moved too much in tandem and we continue to see AUD/USD as mostly a USD and external drivers’ story.”

“With more USD support ahead, we think the pair will struggle to climb back above 0.70 before the end of the summer.”