AUD/USD bears approach 0.6700 on mixed Australia PMI, focus on US data, Fed for clear directions – by anilpanchal7 AUDUSD PMI Inflation Fed GDP
Minutes for the latest monetary policy meeting where the policymakers paused the rate hike trajectory. However, the broad US Dollar strength, backed by upbeat US data and preparations for this week’s Fed meeting weighed on the AUD/USD price.
During the last week, United States housing numbers and regional manufacturing indices were mostly downbeat but an improvement in the Retail Sales Control Group for June allowed the US Dollar Index to rebound from a 15-month low, as well as post the first weekly gain in three. That said, the greenback’s gauge versus six major currencies seesaw around 101.00 amid a sluggish start to the key week.
Previously, the upbeat prints of the University of Michigan’s Consumer Sentiment Index and consumer inflation expectations for July helped the greenback to challenge the bearish bias. It’s worth noting, however, that the US Consumer Price Index and Producer Price Index for June joined the first below-expectations in 15 months to tease the Federal Reserve’s policy pivot past July and drowned the US Dollar.
Hence, the last improvement in the US Retail Sales appears less convincing and hence this week’s top-tier US data, as well as the Fed monetary policy meeting announcement, will be crucial for clear directions of. That said, preliminary readings of the US S&P Global PMIs for July will direct intraday moves of the Aussie pair and may keep the bears hopeful amid a likely improvement in the data versus the mostly downbeat Australia activity figures.
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