• AUD/USD gathers strength around 0.6900 in Friday’s early European session. 
• Westpac analysts expect the RBA to increase the cash rate by 25 basis points in May, June and August 2026. 
• Traders brace for the US employment data for March later on Friday. 

The AUD/USD pair gains ground near 0.6900 during the early European trading hours on Friday. Hawkish tone from the Reserve Bank of Australia (RBA) underpins the Australian Dollar (AUD) against the Greenback. Trading volumes are likely to be thin due to the Good Friday holiday. Traders will keep an eye on the US March jobs report later on Friday.

Market expectations for the May meeting lean toward another potential rate hike due to rising oil prices and a tight labor market. Westpac analysts expect the RBA to deliver three further rate hikes in 2026. This would take the cash rate to 4.85%, a level not seen since November 2008. 

On the other hand, escalating conflict in the Middle East, including the effective closure of the Strait of Hormuz, could prompt traders to move into a safe-haven currency such as the US Dollar (USD). US President Donald Trump pressures Iran “to make a deal” after a military strike destroys a bridge near Tehran. 

Iran’s foreign minister Abbas Araghchi stated that Washington’s recent strikes on civilian infrastructure will not force the country to back down, adding that such actions “convey the defeat and moral collapse of an enemy in disarray.”

The US employment data for March will be published on Friday. The Nonfarm Payrolls (NFP) are expected to show an increase of 60,000 jobs in March. Meanwhile, the Unemployment Rate is forecast to hold steady at 4.4% during the same period. 

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