- US could reportedly delay December tariff hike on Chinese imports.
- US Dollar Index recovers to 97.90 on upbeat manufacturing data.
- Coming up: Commonwealth Bank Manufacturing and Services PMI data from Australia.
After advancing to a fresh daily high of 0.6815 in the early trading hours of the American session, the AUD/USD pair lost its traction and erased its daily gains to turn flat near the 0.6800 mark as the AUD failed to capitalize on renewed trade optimism.
The South China Morning Post on Thursday reported that the United States could delay December’s scheduled tariff hike on Chinese imports even if sides fail to finalize phase one of the trade deal. Although positive developments on the US-China trade conflict usually help the AUD/USD pair gain traction, the broad-based USD recovery made it difficult for the pair to push higher.
USD rebound on upbeat data
The Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey revealed that the business activity in the region’s manufacturing sector in November expanded at a much more robust pace than expected to help the greenback gather strength against its peers.
The US Dollar Index, which tracks the buck’s value against a basket of six major currencies, staged a recovery on the back of the data and turned positive on the day near the 97.90 mark.
In the early trading hours of the Asian session on Friday, the Commonwealth Bank’s Manufacturing and Services Purchasing Managers’ Index (PMI) data from Australia will be looked upon for fresh impetus.
Technical levels to watch for
Share
