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Reading: AUD/USD remains steady despite conflicting US data, leading up to Australia’s Trade Balance announcement.
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Gulf Press > Business > Forex > AUD/USD remains steady despite conflicting US data, leading up to Australia’s Trade Balance announcement.
Forex

AUD/USD remains steady despite conflicting US data, leading up to Australia’s Trade Balance announcement.

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Last updated: 2024/06/05 at 11:12 PM
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The Australian Dollar (AUD) remained flat against the US Dollar (USD) at 0.6648 after mixed economic data from the US and speculations of potential rate cuts by the Federal Reserve. The US ISM Services PMI rose to 53.8, exceeding estimates, while ADP private hiring fell short of expectations at 155K. Australian Q1 GDP growth was reported at 0.1% QoQ and 1.1% YoY, with ANZ analysts stating that the data does not change their outlook for the Reserve Bank of Australia (RBA).

As the Asian session begins on Thursday, the AUD/USD pair continues to trade at 0.6648, awaiting new catalysts. The US Treasury yields dropped by around 5 basis points due to the ongoing speculations of rate cuts by the Fed. The ISM Services PMI showed a significant increase to 53.8, indicating growth in business activity. However, the ADP private hiring data came in lower than expected at 155K, missing estimates and April’s figures.

Despite the mixed economic data, market participants are still pricing in potential rate cuts by the Federal Reserve, leading to a subdued market sentiment. The upcoming data releases for Australia include the Balance of Trade, Home Loans, and Private Housing Approvals. In the US, the economic calendar will feature initial jobless claims and the Balance of Trade.

Technical analysis of the AUD/USD pair shows a neutral to upward bias, with the pair trading within a range of 0.6600 to 0.6714. The Relative Strength Index (RSI) suggests a bullish momentum, although it has flattened. Resistance levels for the pair are seen at 0.6714, 0.6750, and 0.6800, while support levels are at 0.6614, 0.6561, and 0.6536.

Overall, the AUD/USD pair remains range-bound with a slight upward bias, influenced by mixed economic data and speculations of Fed rate cuts. The upcoming data releases for Australia and the US will likely provide further direction to the currency pair. Traders and investors will continue to monitor key economic indicators and central bank policies for insights into future market movements.

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News Room June 5, 2024
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