- AUD/USD dropped to a daily low of 0.7717 on Thursday.
- US Dollar Index clings to modest gains around 90.00.
- Eyes on ADP Employment Change and ISM Services PMI data from US.
The AUD/USD pair closed virtually unchanged on Wednesday and came under modest bearish pressure during the European trading hours on Thursday. After sliding to a daily low of 0.7717, the pair erased a portion of its daily losses and was last seen losing 0.32% on the day at 0.7727.
DXY stays in the positive territory ahead of US data
In the absence of significant fundamental drivers, the risk-averse market environment is helping the greenback find demand on Thursday. Reflecting the broad-based USD strength, the US Dollar Index is up 0.15% on the day at 90.03. Meanwhile, S&P Futures and Nasdaq Futures both lose around 0.5% on the day, suggesting that safe-haven flows are likely to dominate the financial markets in the second half of the day.
Later in the session, the ADP private-sector employment report and the ISM Services PMI data from the US will be looked upon for fresh impetus. The US Department of Labor’s weekly Initial Jobless Claims data will be featured in the US economic docket as well.
Earlier in the day, the data from Australia showed that Retail Sales in April increased by 1.1% on a monthly basis. This reading came in line with the market consensus and failed to trigger a noticeable market reaction.
Technical levels to watch for
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