USD Trading Outlook (01-04-2015)

AUD/USD Bear pressure remained on AUD/USD for the early part of NY trading as the pair hugged the 0.7600 area. The pressure was applied as the market had geared up for month-end AUD sales. Bears were disappointed though as the fixing saw the pair spike from just below 0.78600 towards 0.7645. Most of those spike gains were erased though as the USD recovered a bit. Late in the day the pair sat just above 0.7620. Traders now looks to Oz AiG March PMI and Oz Feb building permits for cues. Impact might be limited though as China’s March NBS MFG PMI is due a bit later. A number below the forecast 49.7 might see AUD/USD come under pressure. A test of the 2015 low might then take hold leading into the US jobs data on Friday.