The Australian Dollar US Dollar (AUD/USD) exchange rate is trading +0.3% higher as the US session progresses. The pair remains with the familiar range of US$0.7150 – US$0.7250 which it has traded in across the past month.
A willingness shown by the US and China to commit to the Phase 1 trade deal has kept the China proxy, the Aussie Dollar buoyant.
The US Dollar trades on the back foot following mixed messages from economic data. Whilst new home sales soared to the highest level in 13 years, consumer confidence plunged to a new post pandemic low. Consumer spending could slow in the coming months.