As per the latest data from the US Bureau of Labor Statistics (BLS), the Nonfarm Payrolls (NFP) rose by 236K in March, the lowest since January 2021 (considering the revisions), versus 240K expected and 326K prior. Further, the Unemployment Rate eased to 3.5% versus 3.6% prior while the Labor Force Participation Rate improved to 62.6% from 62.5%. Finally, annual wage inflation, per the Average Hourly Earnings, dropped to 4.2% from 4.6%, versus market forecasts of 4.3%. 

It should be noted that the escalating chatters surrounding the global recession jostles with China’s belief to anchor the macro waves with its ultra-easy monetary policy and fiscal efforts seem to test the AUD/USD pair traders.

Moving on, AUD/USD traders should pay attention to Australian employment numbers for clear directions. However, the US Consumer Price Index (CPI) data and the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes will be more important for clear directions. Should the US inflation remains firmer and the Fed Minutes keep defending hawkish policy moves, the odds of witnessing the Aussie pair’s further downside can’t be ruled out.