- AUD / USD reversed its direction after rising towards 0.7800.
- The US dollar index bounces to 90.00 during the American session.
- Focus shifts to high-level data releases Thursday from the US.
The pair AUD/USD It rose towards 0.7800 during Asian trading hours, but was under modest downward pressure in the second half of the day. At time of writing, the pair was down 0.08% on the day at 0.7743.
DXY bounces to the 90.00 area on Wednesday
Earlier in the day, the strong rally seen in the positively correlated NZD / USD pair provided a boost to AUD / USD. The aggressive tone of the Reserve Bank of New Zealand in its policy statement helped the kiwi outperform its rivals and the NZD / USD is still on track to close the day with a 1% gain.
However, the steady recovery seen in the US dollar index forced AUD / USD to turn south during US trading hours. The DXY is currently up 0.35% to 90.00 and appears to be breaking a two-day losing streak.
In the absence of significant fundamental drivers, the market’s cautious attitude appears to be helping the dollar find some demand.
On Thursday, investors will be on the lookout for the release of high-level macroeconomic data from the US. The US Bureau of Economic Analysis will release its second estimate of first-quarter GDP growth and the Census Bureau will release the Durable goods orders for April. Data on pending home sales and initial unemployment claims will also be included in the US economic agenda.
Technical levels
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