AUD/USD Fell Below 0.6900 Following Mixed Data
AUD/USD fell below 0.6900 in early Thursday Asian session. Earlier today, the Manufacturing and Services PMIs rose past market forecasts yet the Composite PMI fell below the previous data. The Manufacturing PMI increased to 55.8 compared to the expected 54.7 while the S&P Global Services PMI leaped above 49.1 market forecast to 52.6.
Looking ahead, AUD/USD traders look towards US PMI, the weekly Unemployment Claims data, and the second round of Fed Chair Jerome Powell's Testimony for new directions. Nonetheless, recession fears are still in the spotlight.
Yesterday, Powell's speech alluded to a rate hike and a commitment to tackle inflation, his decision to not hike rates too high has weighed on the greenback. The market responded with a drop in Stock indices including the Dow Jones and Nasdaq which both dropped 0.15%. Across the board, energy stocks were the hardest hit. WTI dropped 0.85% which could also be due to talks that Joe Bidden could announce gas tax relief towards the end of the week