AUD / USD continues to push lower in the US session.
Major US stock indices suffer heavy losses on Tuesday.
The focus shifts to publishing mid-level data from Australia.
The AUD / USD pair came under renewed downward pressure in the early trading hours of the American session and fell to its lowest level since April 14 at 0.7675. At time of writing, the pair was trading near 0.7700, shedding 0.7% on the day.
USD valuation continues to impact AUD / USD movements
In the second half of the day, the dollar continued to gain strength against rivals backed by safe-haven flows. The major Wall Street indices opened deep into negative territory and allowed the US Dollar Index (DXY) to extend its daily bounce. At the moment, the S&P 500 Index is losing 1.1% on the day and the DXY is up 0.32% to 91.25.
Data from the US showed that the IBD / TIPP economic optimism index fell to 54.4 in May from 56.4 in April. Additionally, factory orders rose 1.1% in March, disappointing analysts’ estimate of a 1.3% increase. However, these figures did not provoke a significant market reaction.
On Wednesday, Commonwealth Bank’s Manufacturing and Services PMI reports will be scrutinized for new momentum. Additionally, March building permit data will also be included in the Australian economic docket.
Earlier in the day, the Reserve Bank of Australia (RBA) left its policy rate and bond buying program unchanged as expected. In its Rate Statement, “at the July meeting, the board will also consider future bond purchases after the completion of the second $ 100 billion purchases,” the RBA noted and made it difficult for the AUD to find demand.