- AUD / USD remains on track to close for the second day in a row in positive territory.
- The US Dollar Index falls below 91.00 during the American session.
- Focus shifts to April US non-farm payroll data.
After falling towards 0.7700 during Asian trading hours, the pair AUD/USD reversed its direction and moved into positive territory in the second half of the day. At time of writing, the pair was up 0.22% on the day at 0.7764.
USD selloff gains momentum
Hours earlier, data released by the US Department of Labor revealed that weekly Initial Unemployment Claims decreased by 92,000 to 498,000. This reading was better than the market expectation of 540,000, but failed to trigger a significant market reaction and investors shifted their focus to Friday’s Non-Farm Payrolls (NFP) report.
Amid the lack of significant fundamental drivers, the dollar struggled to find demand and the US Dollar Index (DXY) fell below 91.00 on Thursday, allowing AUD / USD to stay in positive territory.
Although the major Wall Street indices are trading near Wednesday’s closing levels to reflect a cautious mood in the market, the US dollar remains on the defensive. A modest drop in the 10-year benchmark US Treasury yield appears to be weighing on the currency. At the moment, the DXY is down 0.38% to 90.91.
During the Asian session on Friday, the Reserve Bank of Australia (RBA) will release its Monetary Policy Statement. The AiG Service Performance Index will also be featured on the Australian economic agenda.
Technical levels
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