Ahead of the American session, the AUD/USD is struggling to recoup 0.7500.
Near 92.40, the US Dollar Index consolidates weekly gains.
Initial Jobless Claims and the ISM Manufacturing PMI are two data points to keep an eye on.
On Thursday, the AUD/USD pair fell to 0.7476, its lowest level since June 18, but recovered some of its losses ahead of the American session. Despite this, the pair continues to struggle to break above 0.7500, and was last seen trading around 0.7493, with minor daily losses.
Earlier in the day, Australian data indicated that imports and exports both climbed by 3% and 6% in May, respectively, but investors had little to no reaction to these figures.
On the other hand, the US Dollar Index, which earlier in the day hit its highest level in over three months at 92.54, appears to have entered a consolidation phase, leading the AUD/USD pair to trade sideways.
The US Department of Labor will issue weekly Initial Jobless Claims statistics later in the day. Market players will be paying close attention to the ISM Manufacturing PMI for June. The headline figure is widely expected to show continued healthy growth in the industrial sector’s business activities. Investors are likely to pay close attention to the Prices Paid sub-index in search of new information on underlying price pressures.
May Home Loans and Investment Lending for Homes data will be released on Friday in Australia’s economic calendar./n
