- AUD / USD rose to its highest level in more than a week on Friday.
- The US Dollar Index is sloping lower towards 91.50 early in the US session.
- The core annual price index for PCE in the US increased to 3.4% in May.
The pair AUD/USD It regained its traction early in the US session on Friday and reached its highest level in eight days at 0.7614. At time of writing, the pair is trading at 0.7610, up 0.4% on the day.
DXY turns south after US data.
Renewed selling pressure surrounding the dollar appears to be allowing AUD / USD to pick up bullish momentum ahead of the weekend. Monthly data released by the US Bureau of Economic Analysis on Friday showed that the price index for basic personal consumption spending (PCE) rose to 3.4% annually in May. This reading was in line with analysts’ estimate and eased concerns about the inflation outlook, prompting a selloff in the USD.
At the moment, the US Dollar Index (DXY) is down 0.23% on the day at 91.60. Other data from the US revealed that personal expenses were unchanged in May, while personal income contracted 2% on a monthly basis.
Later in the session, the University of Michigan Consumer Sentiment Index for June will be examined for fresh momentum.
Meanwhile, US equity futures are clinging to modest daily gains, suggesting that major Wall Street indices could open modestly higher.
Technical levels
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