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May 30 - 07:55 PM

AUD/USD - Bounces From Support As US Economic Data Softens

By Krishna K  —  May 30 - 07:10 PM
  • AUD/USD opens 0.35% higher after trading in a 0.6591-0.66475 range Thursday

  • Bounces from strong support at 0.6580-90 as a double-bottom forms

  • Boosted by soft U.S. economic data which keeps hopes of a Fed rate cut alive

  • Lower U.S. yields, higher-for-longer RBA rate expectations underpin Aussie

  • 1st RBA rate cut not seen until July or Aug next year as AU inflation sticky

  • Softer commodities may cap AUD gains; copper -11% from record high in May

  • Iron ore slips after China reiterates steel output control

  • China NBS PMIs and U.S. PCE price index key for direction Friday

  • Support 0.6610-15, 0.6580-90, resistance 0.6650, 0.6675-80

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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