AUD/USD climbs above 0.6800, looks to snap five-day losing streak
|- US Dollar Index retreats to 98 area on Friday.
- Industrial Production in US declines more than expected.
- Hopes of the US and China reaching a trade deal helps AUD find demand.
The AUD/USD pair gained traction in the American trading hours on Friday and rose above the 0.6800 handle boosted by renewed hopes of the United States and China coming to terms on trade. As of writing, the pair was trading at 0.6804, adding 0.27% on a daily basis. Despite today's rebound, the AUD/USD pair remains on track to post weekly losses for the second straight week.
In an interview with Fox Business Network on Friday, United States Commerce Secretary Wilbur Ross said that there will be a call on trade between officials on Friday and noted that there was a very high probability that they will be able to reach a trade deal with China.
USD comes under pressure amid uninspiring data
On the other hand, today's data from the US revealed that Industrial Production and Manufacturing Production declined 0.8% and 0.6%, respectively, in October to hurt the greenback. The US Dollar Index, which spent a large portion of the day moving sideways near the 98.20 mark, came under pressure and was last seen testing the 98 handle, erasing 0.15% on a daily basis. Although other data showed that Retail Sales rose slightly more than expected in October, it failed to help the USD find demand.
Technical levels to watch for
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