- AUD / USD hit a new daily high of 0.7211 but lost traction.
- The US dollar index is above 93.00 before US data.
- US durable goods orders are forecast to rise 4.3% in July.
AUD / USD climbed to a daily high of 0.7211 during the European session, but lost momentum as the USD began to strengthen ahead of the release of macro data from the United States. At the time of writing, the pair was up 0.08% on the day to 0.7200.
DXY turns north after retreating into the 93.00 area
In the absence of important fundamental drivers, the greenback continues to find demand thanks to the surge in yields on US Treasuries. The 10-year T bond yield gained nearly 8% in the first two days of the week and continued its rally to a new 10-day high of 0.716% on Wednesday. Right now, the US dollar index is up 0.22% on the day to 93.21 after retreating to the 93.00 area earlier today.
At the start of the US session, durable goods orders, which are expected to reach + 4.3% on a monthly basis in July, will be sought for new momentum.
On Thursday, during trading hours in Asia, private capital spending for the second quarter will be the only data presented in the Australian Economic Register.
More importantly, market participants will wait for FOMC President Jerome Powell to deliver his keynote address at the Jackson Hole Symposium on Thursday at 2:10 p.m. GMT. Powell is expected to discuss possible changes in forward guidance or policy outlook as the FOMC has completed its review of the framework.