The AUD/USD pair extended its upward momentum for the fourth straight session, holding around the 0.6510 mark during Asian trading hours on Wednesday (07/05). The Australian dollar (AUD) found support from the release of mid-tier domestic economic data and improving global trade sentiment.
In April, the AiG Industrial Index rose by 5.1 points to -15 on a seasonally adjusted basis, signaling a moderate improvement despite persistent headwinds in the industrial sector. Headwinds such as global trade uncertainty, currency volatility, and the upcoming federal election continued to weigh on activity. Meanwhile, the AiG Manufacturing Purchasing Managers' Index (PMI) rose by 3.0 points to -26.7, up from -29.7 in the previous month.
Sentiment towards the AUD also improved as US-China trade tensions showed signs of easing. In a significant development, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese Vice Premier He Lifeng in Geneva over the weekend, marking the first high-level talks since the US imposed tariffs that escalated the global trade dispute.
China's Commerce Ministry said that, after carefully evaluating the US proposal and taking into account global expectations, national interests and industry feedback, Beijing has agreed to engage in the upcoming negotiations.
Looking ahead, investors' attention will be on the Federal Reserve's interest rate decision on Wednesday. While the Fed is widely expected to keep rates steady, markets will be watching comments from Fed Chair Jerome Powell for any hints of a potential shift towards rate cuts in the near future. (Newsmaker23)
Source: FXstreet
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