AUD/USD heads southwards on Wednesday.
- US Dollar Index holds steady in quiet trade above 92.00.
- Market mood appears cautious prior to US data drop.
After rallying to an almost three month high of 0.7373 in the Asian session, AUD/USD lost momentum and slipped to 0.7325. Heading towards the American session, the pair appears to be consolidating near 0.7350, down 0.15% on the day..
Eyes on US data
On Tuesday, AUD/USD gained over 50 pips supported by rising risk appetite and USD weakness. Yet the greenback is staying resilient. The US Dollar Index trades down 0.05% at 92.18.
Looking ahead, the second estimate of the third-quarter Gross Domestic Product (GDP) will be in focus. Other data from the US will include Durable Goods Orders, Goods Trade Balance, Initial Jobless Claims, New Home Sales and the University of Michigan’s Consumer Sentiment Index. Last but not least the FOMC will release the minutes of its November meeting.
Meanwhile the S&P 500 Futures are trending 0.06% lower, reflecting a more cautious market mood. Investors are booking profits prior to Thanksgiving Day holiday, following Tuesday’s impressive rally.
On Thursday, Australian Private Capital Expenditure data for the third quarter will be under the spotlight.
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