AUD/USD trades with mild gains above 0.6650, all eyes on US NFP data

• AUD/USD posts modest gains around 0.6670 in Friday’s early Asian session. 
• The softer US employment data this week triggered the Fed rate cut expectation in September.
• RBA’s Bullock said the central bank won’t hesitate to hike again if inflation remains sticky. 

The AUD/USD pair trades with mild gains near 0.6670 on Friday during the early Asian trading hours. The growing speculation about the US Federal Reserve (Fed) rate cut and softer US economic data weigh on the US Dollar (USD) and create a tailwind for AUD/USD. Later on Friday, the US Nonfarm Payrolls (NFP) data for May will be in the spotlight. 

The softer US economic data this week spurred the Fed rate cut expectation in September. Traders are now pricing in a nearly 68% odds chance of a rate cut for the September meeting, up from 50% at the beginning of the week, according to the CME FedWatch tool.