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AUD/USD rises near 0.6990 after mixed US PMI data
The preliminary S&P Global Manufacturing PMI fell to 53.8 in July while Services PMI jumped to 53.6, and traders are now focused on the Fed meeting on July 28 to 29.
AUD/USD rose on Friday, trading near 0.6990 after an earlier pullback, as the US dollar struggled to build clear momentum following mixed US business activity data, according to FXStreet.
The preliminary S&P Global Manufacturing PMI eased to 53.8 in July from 53.9, missing the market forecast of 54.5. In contrast, the Services PMI climbed to 53.6 from 51.2, well above expectations of 51.0, indicating manufacturing momentum softened while services activity accelerated.
FXStreet said the stronger services reading may help keep US Treasury yields supported, which could limit the extent of AUD’s recovery. Still, the manufacturing disappointment and a broader dollar consolidation helped the pair regain some ground, with FXStreet citing a modest rebound on the 4-hour chart from recent lows.
Markets are expected to turn next week to the Federal Reserve meeting on July 28 to 29, which FXStreet said is widely expected to keep rates unchanged at 3.50% to 3.75%. With no updated dot plot scheduled, attention will shift to the policy statement and Fed Chair Kevin Warsh’s press conference, including his wording on inflation, economic resilience, and the impact of higher energy prices.