- AUD / USD is rising strongly after closing positive on Thursday.
- The DXY US Dollar Index continues to push lower on Friday.
- The focus is on preliminary US manufacturing and service PMI data.
The pair AUD/USD it posted small daily gains on Thursday and has been relatively quiet during the Asian session on Friday. However, with the US dollar having difficulty finding demand, the pair has gained traction to the upside at the start of the European session and has jumped to its highest level since March 2018 at 0.7839. At time of writing, the pair is up 0.89% on the day at 0.7837.
The USD remains on the defensive
Hours earlier, data released by the Australian Bureau of Statistics revealed that Retail sales in January increased 0.6% on a monthly basis and did not meet market expectations of a 2% increase. However, this report has been largely ignored by market participants.
The Positive shift seen in risk appetite appears to be weighing on the safe-haven US dollar on Friday. Reflecting the general weakness of the USD, the US Dollar DXY index is down 0.36% on the day at 90.26. Meanwhile, S&P 500 futures are up 0.3% on the day, suggesting that risk appetite money flows are likely to continue to dominate financial markets in the second half of the day.
Later, IHS Markit will release preliminary US manufacturing and services PMI reports for February. Existing home sales data for January will also be included in the US economic calendar.
AUD / USD technical levels
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