- AUD / USD continues to trade lower early in the US session.
- Investors largely ignore the US mixed macroeconomic data releases.
- The US dollar index is struggling to rebound.
The pair AUD/USD It failed to break out of its daily trading range after the first batch of US data and was last seen losing 0.2% on the day at 0.7345.
DXY remains depressed after mixed US data
In its second estimate, the US Bureau of Economic Analysis left its third-quarter Gross Domestic Product (GDP) growth estimate, on an annual basis, unchanged at 33.1%. This reading did not meet the market expectation of 33.2%. Additionally, weekly Initial Unemployment Claims increased to 778,000 in the week ending November 21 from 748,000. On a positive note, durable goods orders rose 1.3% in October and beat analysts’ estimate of 0.9%.
However, the US Dollar Index (DXY) largely ignored these figures and was last seen posting modest daily losses at 92.10. Later in the session, the Personal Consumption Expenditure (PCE) Price Index, the University of Michigan Consumer Sentiment Index, and new home sales will be released before the Thanksgiving holiday. Most importantly, the FOMC will publish the minutes of its November meeting.
The only data presented in the Australian economic file for the remainder of the week will be private capital expenditures for the third quarter. Market action is likely to remain subdued with weak trading conditions and AUD / USD could extend its sideways move.
Technical levels
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