- AUD / USD fluctuates in a relatively tight range on Monday.
- The US Dollar Index remains flat below 93.00 ahead of speeches from Fed members.
- New home sales data for July will be released on Tuesday’s economic calendar.
After losing more than 50 pips on Friday, the pair AUD/USD It started the new week under modest downward pressure and fell to its lowest level since August 2 at 0.7329. However, with market action turning subdued in the absence of high-level data releases, the pair managed to erase its losses and was last seen trading flat on the day at 0.7353.
USD rally loses steam on Monday
The USD’s renewed strength following Friday’s upbeat July jobs report weighed on AUD / USD. The U.S. Bureau of Labor Statistics reported on Friday that non-farm payrolls increased by 943,000 in July, beating the market expectation of 870,000, and the U.S. dollar index (DXY) hit its strongest level in two weeks at 92.92. Currently the DXY is practically unchanged at 92.78.
Later in the session, June’s JOLTS job vacancies data will be analyzed for fresh momentum. Additionally, Richmond Federal Reserve Chairman Thomas Barkin and Atlanta Federal Reserve Chairman Raphael Bostic will deliver speeches. Investors are looking for clues as to when to downsize.
On Tuesday, data on new home sales from the HIA and business conditions and business confidence from the National Bank of Australia will be placed on the Australian economic agenda.
Technical levels
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
