After testing 0.7500, the AUD/USD was once again under bearish pressure.
During the American session, the US Dollar Index climbed above 92.50.
On the day, the yield on a 10-year US Treasury note turned positive.
Earlier in the day, the AUD/USD pair made a comeback, but it couldn’t hold above 0.7500 and reversed course. As of this writing, the pair was trading at 0.7465, its lowest level since 2021, having lost 0.42 percent on the day.
The market value of the US dollar continues to be the key driver of AUD/USD swings. Despite a modest decline during European trading hours, the US Dollar Index (DXY) regained its footing on the strength of rising US Treasury bond yields. The benchmark 10-year US T-bond yield is currently up 0.6 percent on the day, while the DXY is at 92.52, up 0.2 percent on the day, its highest level since early April.
Meanwhile, US statistics released on Thursday indicated that initial jobless claims decreased to 364,000 in the week ending July 26, the lowest level since March 2020. In addition, the ISM Manufacturing PMI fell to 60.6 in June, falling short of the market expectation of 61. Furthermore, the PMI report’s Prices Paid component hit a new series high of 92.1.
On Friday, May, Australian home loans and investment lending for homes will be scrutinized for new impetus. More crucially, the June jobs data will be released by the US Bureau of Labor Statistics./n
