The AUD/USD pair is trading near the lower end of its daily range, reflecting a mixed technical outlook. The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, has dipped toward the 100.60 area, pressured by soft US inflation data and speculation about a possible dovish shift from the Federal Reserve (Fed).
US officials recently downplayed speculation about a deliberate dollar-weakening strategy, but concerns persist as trade discussions with South Korea suggest room for stronger local currencies. This uncertainty has contributed to broader US Dollar weakness, affecting pairs like AUD/USD.
AUD/USD briefly revisited the 0.6500 barrier, just to succumb to the selling pressure soon afterwards, ending the day sharply on the defensive. The key labour market report is next in Oz, seconded by Consumer Inflation Expectations.
Source: Fxtreet
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