AUD/USD flat-lines above the 0.6570 area, investors await the Australian data – Crypto News – Crypto News
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AUD/USD aims to recapture three-day high at 0.6960, US Durable Goods Orders eyed AUD/USD aims to recapture three-day high at 0.6960, US Durable Goods Orders eyed

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AUD/USD flat-lines above the 0.6570 area, investors await the Australian data – Crypto News

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  • AUD/USD remains flat around 0.6475 ahead of the the Australian data.
  • The key US economic data showed worse-than-expected results.
  • Australian CPI declined to a 17-month low.
  • Traders await the Australian Private Sector Credit, the US Core PCE, the weekly Jobless Claims data.

The AUD/USD pair hovers around 0.6474 after retracing from a weekly high of 0.6522 during the early Asian session on Thursday. In response to the downbeat US data, the US Dollar Index (DXY) remains under pressure and declines for the third day in a row near 103.15 while the 10-year yield falls to 4.11%.

The Greenback faced some selling pressure following the softer-than-expected US data. That said, the US ADP Employment Change declined to 177K in August from 371K in July and below the market consensus of 195K.

Additionally, the first reading of Personal Consumption Expenditures (PCE) Prices for the second quarter decreased to 2.5% from 2.6% prior. Finally, the second reading of Gross Domestic Product (GDP) Annualized Q2 decreased to 2.1% from the first estimation of 2.4%.

On the Aussie front, the Australian Bureau of Statistics reported on Wednesday that the nation’s monthly Consumer Price Index (CPI) fell to 4.9% year on year in July from 5.4% prior and falling short of estimates of 5.2%. Meanwhile, Building Permits (MoM) declined 8.1% in July, compared to an expectation of a 0.8% drop and a 7.7% drop the previous month. The easing of inflationary pressure might convince the Reserve Bank of Australia (RBA) to hold the interest rate unchanged at its forthcoming policy meeting.

On Sunday, Australian Treasurer Jim Chalmers stated that the government monitored China for signals of economic weakness that could hurt the Australian economy, according to Reuters. It’s worth noting that China is Australia’s major trading partner and the economic slowdown In China might exert pressure on the Aussie.

Looking ahead, the Australian Private Sector Credit will be released. Additionally, the Core Personal Consumption Expenditure Price Index (PCE), the weekly Jobless Claims, and the Chicago PMI will also be due on Thursday. The closely watched event this week will be the Nonfarm Payrolls (NFP) data on Friday. Traders will find trading opportunities around the AUD/USD pair.

 

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