- AUD/USD struggles around 0.73.
- Australian Consumer confidence declined by more than forecast in November.
- US Dollar Index trades at 6-day highs past 93.00.
AUD/USD rallied today’s high of 0.7320 on Wednesday, before reversing prior to the US open.The pair trades -0.12% at 0.7275.
DXY advances beyond 93.00
Westpac Consumer Confidence data for Australia revealed a 2.5% drop in November from 11.9% in October. The print missed analysts forecasts of 3.8%. The risk sensitive AUD managed to shrug off the disappointing data, instead carried higher by the upbeat mood in the market.
USD strength in the latter part of the day sent AUD/USD lower.The US Dollar Index closed flat at 92.80 on Tuesday. However, it is now trading at an almost weekly high.at 93.10, up +0.4%.
There is no US data today and volumes are expected to be thin owing to Veterans Day holiday.
Looking ahead Australian Consumer Inflation Expectations data for November will be in focus.