- AUD/USD continues to push higher in the American session.
- US Dollar Index extends daily slide, drops below 90.00.
- Focus shifts to business sentiment data from Australia.
The AUD/USD pair preserved its bullish momentum in the early American session and reached a new five-day high of 0.7766. As of writing, the pair was up 0.3% on the day at 0.7760.
USD remains under modest selling pressure
In the absence of significant fundamental drivers and high-tier macroeconomic data releases, the greenback seems to be having a difficult time finding demand. Although the US Dollar Index started the week with a bullish gap following US Treasury Secretary Janet Yellen’s hawkish comments, it lost its traction and was last seen posting small daily gains at 89.98.
Meanwhile, Wall Street’s main indexes are down between 0.2% and 0.3% on Monday, helping the safe-haven USD limit its losses for the time being.
Earlier in the day, the data from Australia showed that the AiG Performance of Services Index improved slightly to 61.2 in May from 61 in April. Additionally, the ANZ Job Advertisements rose to 7.9% from 4.7% in April. Nevertheless, investors paid little to no attention to these figures.
On Tuesday, HIA New Home Sales, the National Australia Bank’s (NAB) Business Confidence and Business Conditions data will be featured in the Australian economic docket.
Technical levels to watch for
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