Title: AUD/USD clings to modest daily gains around 0.7530

Jul 05, 2021 11:03:13 AM GMT

By: AnalysisWatch

The AUD/USD pair rose sharply on Friday because the dollar got here beneath sturdy bearish strain following the June jobs report. After gaining extra than 50 pips, the pair persevered to facet better on Monday and became remaining visible buying and selling at 0.7533, in which it became up 0.1% on each day foundation.

Earlier the day, the statistics from Australia confirmed that the Commonwealth Bank Services PMI progressed modestly to 56.8 in June. Moreover, Retail Sales rose through 0.4% on a month-to-month foundation in May, surpassing the marketplace expectation for a boom of 0.1%. These upbeat figures appear to have supplied a lift to the AUD in the course of the Asian buying and selling hours.

On the alternative hand, the USD remains at the lower back foot on the beginning of the week, assisting AUD/USD continue to be afloat the high-quality territory. Currently, America Dollar Index is down 0.1% at the day at 92.15.

There might not be any high-tier macroeconomic statistics releases from America the rest of the day and AUD/USD is predicted to vary in a slim consolidation channel.

On Tuesday, the Reserve Bank of Australia (RBA) will announce its Interest Rate Decision and launch the Rate Statement.