The AUD may be vulnerable this, with the employment report a potential catalyst for an increase in pricing for renewed RBA rate cuts, notes BNP Paribas.
"The RBA made their easing bias more explicit at their last meeting and two key data releases ahead of their next meeting on 3 May are employment (this Thursday) and Q1 CPI (27 April). If the data surprises to the downside, rate market expectations on the RBA could turn more dovish.
BNPP remains short AUDNZD* in spot targeting 1.06 and long EURAUD via a derivatives structure.
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