The Australian Dollar (AUD) prolonged its losses against the US Dollar (USD) early in the North American session after hitting a daily high of 0.6430.
Sellers are eyeing the 0.6400 figure and a break below a two-and-a-half-year support trendline that could cement a weaker outlook for the major. The AUD/USD is trading at 0.6418, down 0.08%.
AUD/USD remains under pressure, eyeing the 0.6400 figure, as higher US Treasury bond yields and deteriorating consumer confidence in the US impact market sentiment The AUD/USD remains pressured due to risk aversion, higher US Treasury bond yields, and the interest rate difference between Australia and the United States . Although US Treasury bond yields retraced somewhat from multi-year highs, the Greenback remains in the front foot after touching a new year-to-date high of 106.20, as revealed byOn the data front, Building Permits in the US grew more than July’s 1.443M, and came at 1.
Further data showed that Consumer Confidence revealed by the Conference Board slid to a four-month low, blamed on a deterioration in thefor the economy. The CB Consumer Sentiment index rose by 103 from August 108.7, as data shows. Dana Peterson, the chief economist, commented that consumers are worried about rising prices in general, particularly food and gasoline, and expressed concerns about higher interest rates and the political situation.
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