Australian Dollar retreats as US Dollar gains momentum after S&P PMI data
Aussie dropped 0.27% to 0.6495 in Friday's trading.
Mixed Judo Bank PMI data impacted the AUD, with strong manufacturing but weak service sector activity.
S&P PMI data from the US came in strong.
The AUD/USD declined just below 0.6500 as the market is focused on the US Dollar's strength. The US Dollar Index (DXY) index hit a two-year high above 108.00.
The AUD/USD pair exhibits a mixed outlook, influenced by the interplay of hawkish Reserve Bank of Australia (RBA) and mixed local economic data. However, the potential for future RBA rate hikes may limit the downside, though the overall trend remains bearish.
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