The AUDUSD pair renews the intraday low around 0.6825, during Friday’s Asian session.In doing so, the Aussie pair overlooks upbeat second readings of activity data for June and increasing calls for the Reserve Bank of Australia’s aggressive rate hikes.
The cause could be linked to the market’s economic pessimism amid rising inflation and recently downbeat data. The risk-off mood could be witnessed via the S&P 500 Futures as it drops for the fifth consecutive day to refresh the weekly low.
It should be noted that the US dollar’s rebound ahead of the key US ISM Manufacturing PMI for June, expected 55.0 versus 56.1 prior, applied downside pressure on the AUDUSD prices. That said, the US Dollar Index switched from a 12-day high to snap a two-day uptrend by closing Thursday’s trading around 104.75, near 104.80 by the press time.
Being a risk barometer, the Aussie is likely to remain down amid the market’s sour sentiment. Nevertheless, today’s US ISM PMI will be important to watch after the recently softer US data.
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