AUD/USD climbs to 0.6730s on mixed US data though downside risks remain AUDUSD Majors Macroeconomics Technical Analysis
improvement are two reasons that weighed on the US Dollar and boosted the Australian Dollar . At the time of writing, the AUD/USD exchanges hands at 0.6739, slightly above its opening price.
Wall Street continues to trade in the green despite a bad Durable Goods Orders report for January in the United States . Durable orders plunged -4.5%, vs. a 5.1% gain in December. Excluding Transportation, also known as core orders, rose 0.7% against a no change. Further data in the US showed an improvement in Pending Home Sales, with the YoY reading sliding less than the -33.9% estimated to -24.1%. On a monthly basis, sales jumped 8.1% vs. expectations of 1%. Pending Home sales have posted two straight reports above zero for the first time since 2020., which measures the US Dollar value in relation to six currencies, fell 0.52% to 104.
In the meantime, speculations that the Fed will tighten monetary conditions still after Governor Phillip Jefferson noted that inflation is too high and reiterated the Fed’s commitment to getting back to 2%. He added that “under no illusion,” it will be easy to get inflation back to 2%.The AUD/USD downtrend remains in play once the pair collapsed below the 200 and 100-day EMAs, at 0.6857 and 0.6825, respectively.
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