The AUD/USD pair ticks higher during the Asian session on Friday and moves further away from its lowest level since early May, around the 0.6515 region touched the previous day.
AUD/USD attract some buyers and snaps a nine-day losing streak to its lowest level since early May. A modest recovery in the equity markets undermines the USD and lends some support to spot prices. China ’s economic woes might cap gains as traders now await the release of the US PCE Price Index. Spot prices currently trade just below mid-0.6500s and for now, seem to have snapped a nine-day losing streak amid subdued US Dollar price action.
Furthermore, the US Initial Jobless Claims dropped to 235K last week vs. 238K expected. The data suggested that the US economy still holding up well, which, in turn, should act as a tailwind for the Greenback. Apart from this, persistent worries about a slowdown in China – the world's second-largest economy – might hold back traders from placing aggressive bullish bets around the China-proxy Australian Dollar .
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