AUD/USD renews weekly highs near 0.7280 on improving market mood
- AUD/USD regained its traction in the late American session.
- US Dollar Index turned negative on the day near 92.80.
- S&P 500 Index notched a new all-time high above 4,500 on rising financial stocks.
The AUD/USD pair spent the first half of the day consolidating its recent gains around 0.7250 but managed to regain its traction during the American trading hours. As of writing, the pair was trading at a fresh weekly high of 0.7279, rising 0.28% on a daily basis.
AUD capitalizes on risk flows
The positive shift witnessed in market sentiment seems to be helping the AUD find demand while weighing on the safe-haven greenback. Supported by the strong increase in financial stocks, the S&P 500 Index reached a new all-time high of 4,501, reflecting the upbeat market mood. Meanwhile, the US Dollar Index, which rose above 93.10 earlier in the day, was last seen posting small daily losses at 92.81.
Earlier in the day, the data from the US showed that Durable Goods Orders contracted by 0.1% on a monthly basis in July. This print came in better than the market consensus for a decline of 0.3%.
On Thursday, second-quarter Private Capital Expenditures data will be featured in the Australia economic docket. Additionally, Luci Ellis, the Assistant Governor of the Reserve Bank of Australia (RBA), will be delivering a speech. Later in the day, the US Bureau of Economic Analysis' second estimate of the second-quarter GDP growth and the weekly Initial Jobless Claims data from the US will be looked upon for fresh impetus.
Technical levels to watch for