AUD/USD clings to gains around 0.7750 after US data dump
|- AUD/USD consolidates its daily gains around 0.7750 in the American session.
- Retail Sales in the US increased by 9.8% in March.
- US Dollar Index stays relatively quiet around 91.70.
After touching its highest level in more than three weeks at 0.7762 on Thursday, the AUD/USD pair seems to have gone into a consolidation phase around 0.7750 despite strong macroeconomic data releases from the US. As of writing, the pair was up 0.4% on the day at 0.7752.
DXY struggles to gain traction
The data published by the US Census Bureau revealed that Retail Sales in march surged by 9.8%. This reading beat the market expectation of 5.9% by a wide margin but failed to help the USD gather strength against its rivals amid a more-than-2% decline seen in the 10-year US Treasury bond yield.
Furthermore, the US Department of Labor reported that Initial Jobless Claims fell to the lowest level in a year at 576,000 in the week ending April 10. As of writing, the US Dollar Index (DXY) was virtually unchanged on a daily basis at 91.65.
In the meantime, Wall Street's main indexes opened sharply higher following the upbeat US data, making it difficult for the greenback to attract investors.
There won't be any other data releases in the remainder of the day and the USD's market valuation is likely to continue to drive AUD/USD's movements.
Technical levels to watch for
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.