Australian Dollar trims gains as US Dollar recovers ground, Initial Jobless Claims eyed
The Australian Dollar (AUD) remains in positive territory for the second successive session against the US Dollar (USD) on Thursday. The AUD/USD pair holds ground following the release of domestic trade balance and China’s Caixin Services Purchasing Managers’ Index (PMI) data.
Australia’s Trade Balance posted a 5,413M surplus month-over-month in April, came below the 6,100M expected and 6,892M (revised from 6,900M) in the previous reading. Exports declined by 2.4% MoM in April, against a 7.2% rise prior (revised from 7.6%). Meanwhile, Imports rose by 1.1%, compared to a decline of 2.4% (revised from -2.2%) seen in March. China’s Caixin Services PMI rose to 51.1 in May as expected, from 50.7 in April.
The AUD/USD pair also gained ground as the US Dollar faced challenges following the weaker economic data and rising economic uncertainty in the United States (US). Traders will likely observe the US Balance of Trade and the weekly Initial Jobless Claims later in the North American session.
Source: FXStreet
