Since the beginning of the week, the Australian dollar has been under steady negative pressure.
Above 92.00, the US Dollar Index remains in positive territory.
The ADP Employment Change and Pending Home Sales figures in the United States are being watched closely.
After spending the first two days of the week in negative territory, the AUD/USD pair continued its downward trend on Wednesday, reaching 0.7497, its lowest level in over a week. At the time of writing, the pair was trading at 0.7500, down 0.15 percent on the day.
Earlier in the day, Australian data indicated that Private Sector Credit increased by 0.4 percent month over month in May. Despite the fact that this reading was better than the market’s projection of 0.1 percent growth, it failed to elicit a market reaction.
The broad-based USD strength, on the other hand, continues unabated on Wednesday, with the US Dollar Index last seen reporting small daily gains at 92.14.
The Automatic Numbers Processing (ADP) Research Institute will release its weekly private-sector employment data for June later in the session. The US economic calendar will include include Pending Home Sales.
Meanwhile, Wall Street’s key indexes are on course to open the day in the red, with US stock futures falling.
“Downward momentum has improved, and AUD is projected to trade with a downward bias around 0.7480,” UOB Group analysts stated of the AUD/near-term USD’s prognosis. “Before additional decline may be predicted, the AUD must go clearly below 0.7480. As long as the AUD does not rise over 0.7575 in the next few days, the downward bias will remain intact.”
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