AUD/USD holds positive ground above 0.6730, eyes on US GDP data
- AUD/USD drifts higher near 0.6732 despite the firmer USD.
- November’s US Existing Home Sales were better than expected, the December’s CB Consumer Confidence grew by the most since early 2021.
- The RBA meeting minutes showed the central bank opened the door for further tightening amid encouraging signs of falling inflation.
- Market players await US weekly Jobless Claims, Q3 GDP, and the Philly Fed Manufacturing Survey.
The AUD/USD pair trades on a stronger note during the early Asian session on Thursday. The pair snaps its two-day losing streak on the day despite the upbeat US economic data and the modest rebound in the US Dollar (USD). AUD/USD currently trades near 0.6732, up 0.10% on the day.
US Data released on Wednesday came in better than the market expectation. The US Existing Home Sales rose to an annual rate of 3.82M in November, above the market consensus of 3.77M. Meanwhile, CB Consumer Confidence for December grew by the most since early 2021, climbing from 101.0 to 110.07.
On the Aussie front, the minutes of the Reserve Bank of Australia (RBA) showed a hawkish tone. The central bank opened the door for further tightening amid the encouraging signs of falling inflationary pressures across the economy. However, it will depend on the incoming data and the evolving assessment of risks.
Traders will monitor the US weekly Jobless Claims, a new estimate for Gross Domestic Product (GDP) for the third quarter (Q3), and the Philly Fed Manufacturing Survey. On Friday, the attention will shift to November’s Core Personal Consumption Expenditures Price Index (PCE). These figures could give a clear direction to the AUD/USD pair.
Author
Lallalit Srijandorn
FXStreet
Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.
