AUD/USD climbs above 0.7600 on renewed USD weakness
- AUD/USD rose to its highest level in more than a week on Friday.
- US Dollar Index edges lower toward 91.50 in the early American session.
- Annual Core PCE Price Index in US rose to 3.4% in May.
The AUD/USD pair regained its traction in the early American session on Friday and reached its highest level in eight days at 0.7614. As of writing, the pair was trading at 0.7610, rising 0.4% on a daily basis.
DXY turns south after US data
The renewed selling pressure surrounding the greenback seems to be allowing AUD/USD to gather bullish momentum ahead of the weekend. The monthly data published by the US Bureau of Economic Analysis showed on Friday that the Core Personal Consumption Expenditures (PCE) Price Index rose to 3.4% on a yearly basis in May. This reading came in line with analysts’ estimate and eased concerns over the inflation outlook, triggering a USD selloff.
At the moment, the US Dollar Index (DXY) is down 0.23% on the day at 91.60. Other data from the US revealed that Personal Spending remained unchanged in May while Personal Income contracted by 2% on a monthly basis.
Later in the session, the University of Michigan’s Consumer Sentiment Index for June will be looked upon for fresh impetus.
In the meantime, US stocks futures cling to modest daily gains, suggesting Wall Street’s main indexes could open modestly higher.
Technical levels to watch for
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June 25, 2021 at 06:14AM