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28 Aug 2019

AUD/USD flat-lined in lower half of weekly range near 0.6750

  • Business activity in Australia construction sector contracts.
  • US Dollar Index posts small daily gains on Wednesday.
  • FOMC members Barkin and Daly will speak later.

The AUD/USD pair came under modest selling pressure during the Asian trading hours and dropped to a daily low of 0.6734. However, the lack of major developments surrounding the US-China trade conflict and the subdued trading action didn't allow the pair to make a decisive move in either direction following that drop, forcing it to move sideways near mid-0.67s. As of writing, the pair was down 0.08% on the day at 0.6745.

Consolidation continues

The data published by the Australian Bureau of Statistics today revealed that the business activity in the construction sector contracted in the second quarter with the Construction Work Done coming in at -3.8% and missing the market expectation of -1%. On Thursday, Private Capital Expenditures data from Australia will be looked upon for fresh impetus. 

On the other hand, the US Dollar Index is inching higher above the 98 mark today as the Greenback continues to outperform its major European rivals and forcing the pair to remain in the negative territory. The Mortgage Bankers Association's (MBA) weekly Mortgage Applications data came in at -6.2% in the week ending August 23 but had little to no impact on the USD. At the moment, the index is up 0.13% at 98.13.

During the American trading hours on Wednesday, investors will be looking for fresh clues regarding the Federal Reserve's next policy during speeches of Richmond Fed President Barkin and San Francisco Fed President Daly.

Technical levels to watch for

 

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