AUD/USD stays directionless around 0.7750 after US data
- AUD/USD continues to fluctuate in a narrow band on Thursday.
- US BEA left the Q1 GDP growth estimate unchanged at 6.4%.
- US Dollar Index stays flat on the day near 90.00.
The AUD/USD pair continues to have a difficult time making a decisive move in either direction on Thursday. As of writing, the pair was posting small daily gains at 0.7743.
Investors pay no attention to US data
The data from the US showed that the US Bureau of Economic Analysis (BEA) left its second estimate of the annualized GDP growth in the first quarter unchanged at 6.4%. This reading came in slightly weaker than the market expectation of 6.5% but failed to trigger a noticeable market reaction.
Other data from the US revealed that the Durable Goods Orders in April declined by 1.3%, compared to analysts' estimate for an increase of 0.7%, and the weekly Initial Jobless Claims fell to 406,000 from 444,000.
Following the mixed data releases, the US Dollar Index extends its sideways grind around 90.00, not allowing AUD/USD to gather momentum. On a side note, the benchmark 10-year US Treasury bond yield is up 1.6%, helping the greenback stay resilient against its rivals.
In the meantime, the S&P Futures are up 0.1% on the day and the Nasdaq Futures are down 0.25%, suggesting that the market sentiment will not able to provide a directional clue after the opening bell either.
There won't be any high-tier data releases featured in the Australian docket on Friday.
Technical levels to watch for