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AUD/USD failed to capitalize on the overnight move up

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AUD/USD failed to capitalize on the overnight move upThe AUD/USD pair maintained its offered tone through the early European session and drooped to fresh daily lows, around the 0.7720-55 region in the last hour. The pair met with some fresh supply on Tuesday and eroded a major part of the previous day's goodish rebound of over 60 pips from the vicinity of the 0.7700 mark. The US dollar managed to regain positive traction amid speculations that the incoming positive US economic data may force the Fed to raise interest rates sooner than later. This, in turn, was seen as a key factor that prompted some fresh selling around the AUD/USD pair.

The Australian dollar was further pressured by softer domestic data, which showed that Australia's trade surplus narrowed to A$5.574 billion in March. This represents a more than A$2 billion fall from February's surplus of A$7.60 billion and was well short of market expectations. Adding to this, the Reserve Bank of Australia (RBA) maintained its dovish outlook and contributed to the intraday selling surrounding the AUD/USD pair.

 

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