$AUDUSD oscillates in a narrow trading band through the early European session on Monday Majors
session. Spot prices currently trade just above mid-0.6600s, nearly unchanged for the day, though manage to hold comfortably above a nearly four-week low touched last Thursday.
The US Dollar regains positive traction and reverses a major part of its Friday's downfall, which, in turn, is seen as a key factor acting as a headwind for the AUD/USD pair. Data released from the US on Friday showed that the PCE Price Index remains well above the Federal Reserve's 2% target and supports prospects for further policy tightening. Moreover, Fed Chairreiterates last week that borrowing costs may still need to rise as much as 50 bps by the end of this year.
Apart from this, worries about a global economic downturn, particularly in China, further contribute to capping the upside for the Aussie. The official data published by the country’s National Bureau of Statistics this Monday showed China's Manufacturingcame in at 50.5 in June as compared to the 50.2 anticipated. This, however, is below May's reading of 50.9% and does little to ease worries about slowing growth in the world's second-largest economy.
A rather busy week kicks off with the release of the US ISM Manufacturing PMI, due later during the North American session. This will be followed by the Reserve Bank of Australia monetary policy decision on Tuesday. The focus, however, will remain glued to the FOMC meeting minutes on Wednesday and the closely-watched US monthly employment details - popularly known as the NFP report on Friday.
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