AUD/USD remains stuck in range near 0.7350 after first batch of US data
- AUD/USD continues to trade in the red in early American session.
- Investors largely ignore mixed macroeconomic data releases from US.
- US Dollar Index struggles to stage a rebound.
The AUD/USD pair failed to break out of its daily trading range following the first batch of US data and was last seen losing 0.2% on the day at 0.7345.
DXY remains depressed after mixed US data
In its second estimate, the US Bureau of Economic Analysis left its third-quarter Gross Domestic Product (GDP) growth estimate, on a yearly basis, unchanged at 33.1%. This reading missed the market expectation of 33.2%. Moreover, the weekly Initial Jobless Claims rose to 778,000 in the week ending November 21st from 748,000. On a positive note, Durable Goods Orders increased by 1.3% in October and surpassed analysts' estimate of 0.9%.
The US Dollar Index (DXY), however, largely ignored these figures and was last seen posting modest daily losses at 92.10. Later in the session, the Personal Consumption Expenditures (PCE) Price Index, the University of Michigan's Consumer Sentiment Index and New Home Sales will be published ahead of the Thanksgiving Day holiday. More importantly, the FOMC will release the minutes of its November meeting.
The only data featured in the Australian economic docket in the remainder of the week will be the Private Capital Expenditure for the third quarter. The market action is likely to remain subdued with thin trading conditions and AUD/USD could extend its sideways grind.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
