- AUD / USD is still on track to post daily losses on Monday.
- The US Dollar Index clings to modest gains, hovering below 92.00.
- Investors wait for the RBA to release its Minutes from the March meeting.
The pair AUD/USD It fell to a daily low of 0.7707 at the beginning of the US session on Monday, but managed to erase a portion of its daily losses. At time of writing, the pair was down 0.3% on the day at 0.7740.
In the absence of major fundamental drivers and macro data releases, AUD / USD appears to be struggling to make a decisive move in either direction. However, the strength of the broad-based USD is keeping the pair in negative territory.
The US dollar index, which snapped a three-day losing streak and gained 0.3% on Friday, extended its rebound on Monday and was last seen up 0.2% to 91.86.
All the attention on the RBA meeting
The only US data on Monday showed that New York’s Empire State Manufacturing Index improved to 17.4 in March from 12.1 in February. Although this reading exceeded the market expectation of 14.5, it failed to trigger a significant market reaction.
On Tuesday, the Reserve Bank of Australia (RBA) will publish the minutes of its March meeting. Earlier this month, RBA Governor Phillip Lowe indicated that the bank was looking to extend its bond purchase program. Any new information on a possible moderate change in the RBA’s policy outlook could weigh on the AUD and force AUD / USD to push lower during the first half of the day.
Technical levels
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