- AUD / USD is struggling to make a decisive move in either direction.
- The US Dollar DXY Index remains negative below the 90.00 level.
- Consumer confidence in the United States weakened modestly in May.
The pair AUD / USD climbed to a daily high of 0.7777 but lost its traction in the second half of the day. At the time of writing, the pair has returned all its daily gains and is trading just negative. below the 0.7750 level.
DXY remains below the 90.00 level
Earlier in the day, current selling pressure around the US dollar helped the AUD / USD move higher. However, with the major Wall Street indices struggling to retain Monday’s bullish momentum, the US dollar XY index recovered a portion of its daily losses and limited the rise of the AUD / USD. At the time of writing, the S&P 500 is flat on the day at 4.197 and the US Dollar DXY Index is down 0.08% at 89.75.
Meanwhile, the benchmark 10-year US Treasury yield fell to its lowest level in two weeks, shedding 1.7% on the day and trading at 1,576%, making it difficult for the USD to get stronger.
US data revealed on Tuesday that the Conference Board consumer confidence index fell to 117.2 in May from 117.5 points in April, compared to an analyst estimate of 119.2. Additionally, the US Census Bureau reported that new home sales fell 5.9% in April.
There will be no further US data releases for the rest of the day. On Wednesday, the release of the Westpac Leading Indicator Index stakes on the Australian economic calendar.
AUD / USD 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.
