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AUD/USD rises to fresh daily highs above 0.7760 after US data


20 May 2021

After starting the day on a firm footing and climbing above 0.7750 during the European trading hours, the AUD/USD pair staged a technical correction but didn't have a difficult time regaining its traction. As of writing, the pair was trading at a fresh daily high of 0.7765, rising 0.5% on a daily basis.

The USD's market valuation remains the primary driver of AUD/USD's movements on Thursday. Following the sharp upsurge witnessed in the late American session on the back of hawkish FOMC Minutes, the US Dollar Index is losing 0.2% on the day around 90.00.

Earlier in the day, the data from the US showed that the weekly Initial Jobless Claims dropped to 444,000 from 478,000. This reading came in better than the market expectation of 450,000. On a negative note, the Philadelphia Fed Manufacturing Index declined to 31.5 in May from 50.2 in April, compared to analysts' estimate of 43. Nevertheless, mixed data releases from the US failed to trigger a noticeable market reaction.

Meanwhile, the benchmark 10-year US Treasury bond yield is losing nearly 1% on a daily basis, making it difficult for the greenback to find demand.On Friday, the Commonwealth Bank's preliminary Services and Manufacturing PMI data for May will be featured in the Australian economic docket.

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