- AUD / USD is still on track to end the day in positive territory.
- The US Dollar Index remains lower below 90.50.
- AUD / USD is looking to post losses for the week.
The pair AUD/USD it retained its bullish momentum during US trading hours and hit a daily high of 0.7782. At time of writing, the pair was up 0.6% on the day at 0.7775. Despite Friday’s rally, AUD / USD is still on track to end the week in negative territory.
USD selloff remains intact
The USD market valuation continues to drive AUD / USD action ahead of the weekend. Despite the weak macroeconomic data released in the US, the main Wall Street indices opened decisively higher and made it difficult for the dollar to find demand. At the moment, the US Dollar Index is down 0.42% on the day at 90.33 and the S&P 500 Index is up 1.25%.
The US Census Bureau reported Friday that retail sales in April were unchanged at $ 619.9 billion. Furthermore, Industrial Production expanded 0.7%, disappointing the market’s expectation of 1%. Finally, the University of Michigan consumer sentiment index fell to 82.8 in May from 88.3, ​​compared to analysts’ estimate of 90.4.
Meanwhile, the benchmark 10-year US Treasury yield is shedding more than 1%, putting additional weight on the rate-sensitive USD’s shoulders.
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.
