Investors await July US private payrolls data, expected at 70K, to gauge Fed policy direction amid data-dependent stance.
The Australian Dollar remains steady at 0.7050 against the USD in European trading, lacking clear direction as markets brace for US ADP Employment Change data. The report, due at 12:15 GMT, is forecast to show 70K private-sector jobs added in July, down from 98K in June.
The US Dollar Index (DXY) trades slightly lower at 99.80, reflecting cautious sentiment ahead of key labor market indicators. The Fed’s shift to data-dependent policy has heightened focus on economic releases, with private employment seen as a precursor to broader hiring trends.
Later Wednesday, the ISM Services PMI for July will be released at 14:00 GMT, with expectations of a rise to 54.5 from 54.0. Friday’s Nonfarm Payrolls report remains the week’s major catalyst for USD movement.