The Australian Dollar registered losses against the US Dollar of 0.69% after the Federal Reserve hinted at raising rates if inflation warranted it, according to the latest meeting minutes.
AUD/USD tumbled more than 0.60% on Wednesday due to FOMC turning hawkish. Fed minutes hint at possible rate hikes if inflation risks increase, boosting US Treasury yields and the Dollar. Australian economic agenda includes Judo Bank Manufacturing and Services PMIs, showing mixed preliminary results for May. Upcoming US data: unemployment claims and S&P Global PMIs could influence AUD/USD. Therefore, US Treasury yields edged up, while the Greenback rose more than 0.
The preliminary reading showed that manufacturing activity remained in contractionary territory yet improved from 47.3 to 49.6, while the services index remained in expansionary territory, still dipping from 54.4 to 53.6. On the US front, unemployment claims for the week ending May 18, alongside the release of the S&P Global PMIs, could spark some movement in the AUD/USD pair. AUD/USD Price Analysis: Technical outlook After trading within a narrow range of 0.6640-0.
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