- AUD/USD attract some buyers and snaps a nine-day losing streak to its lowest level since early May.
- A modest recovery in the equity markets undermines the USD and lends some support to spot prices.
- China’s economic woes might cap gains as traders now await the release of the US PCE Price Index.
The AUD/USD pair ticks higher during the Asian session on Friday and moves further away from its lowest level since early May, around the 0.6515 region touched the previous day. Spot prices currently trade just below mid-0.6500s and for now, seem to have snapped a nine-day losing streak amid subdued US Dollar (USD) price action.
The USD Index (DXY), which tracks the Greenback against a basket of currencies, remains confined in a familiar range held over the past week or so as traders seek more clarity about the Federal Reserve's (Fed) rate-cut path before placing directional bets. Hence, the focus will remain glued to the release of the US Personal Consumption Expenditures (PCE) Price Index, due later today, which could influence the Fed's future policy decisions and drive the USD demand.
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