AUD / USD retreats from daily highs, clings to modest gains around 0.7370

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  • AUD / USD was under moderate pressure in the American session.
  • The US Dollar Index continues to fluctuate below 93.00.
  • The major Wall Street indices trade mixed after the opening bell.

The pair AUD/USD It rose to a daily high of 0.7398 in the early hours of the US session, but lost its traction in the final hour. At time of writing, the pair is trading at 0.7371, up 0.2% on the day.

DXY bounces as market mood turns sour

The general weakness of the USD helped the AUD / USD to rise during the first half of the day. However, with the major Wall Street indices struggling to build on the two-day rally, the dollar began to find some demand and limited the AUD / USD rise. At the moment, the US Dollar Index (DXY), which hit a daily low of 92.50, is virtually unchanged on the day at 92.75.

Australian data showed earlier in the day that the Australian National Bank’s Business Confidence dropped to 17 in the second quarter from 19 in the first quarter.

On the other hand, the US Department of Labor reported that Initial Unemployment Claims increased to 419,000 in the week ending July 17 from 368,000. This reading was worse than the market expectation of 350,000 and weighed on market sentiment. Other data from the US revealed that existing home sales increased 1.4% in June and median home prices increased 23.4% annually.

On Friday, Commonwealth Bank of Australia’s manufacturing and services PMI reports will be considered for further momentum.

Technical levels

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