The AUD/USD pair trims a part of intraday gains to a multi-day top and trades just above the 0.6500 psychological mark during the first half of the European session on Friday, up for the third consecutive day.
AUD/USD attracts buyers for the third straight day amid a modest USD weakness. Geopolitical risks and trade war concerns keep a lid on further gains for the Aussie. Bets for slower Fed rate cuts limit the USD losses and contribute to capping the pair. The US Dollar struggles to capitalize on Thursday's modest gains and touches a fresh two-week low amid bets for another 25 basis points interest rate cut by the Fed eral Reserve in December.
The focus will then shift to important US macro data scheduled at the beginning of a new month, including the closely watched Nonfarm Payrolls report, and the third quarter Australian GDP growth figures next week. Economic Indicator NBS Manufacturing PMI The NBS Manufacturing Purchasing Managers Index , released by the China Federation of Logistics & Purchasing and China’s National Bureau of Statistics , is a leading indicator gauging business activity in China’s manufacturing sector.
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