AUD/USD slides below 0.7550 amid renewed USD strength
- AUD/USD lost its traction during American trading hours.
- Negative shift in market sentiment helps USD gather strength.
- US Dollar Index climbs to fresh daily highs above 90.50.
The AUD/USD pair came under bearish pressure during the American trading hours and slumped to a daily low of 0.7517. As of writing, the pair was down 0.7% on the day at 0.7532.
DXY pushes higher in the second half of the day
Earlier in the day, the US Bureau of Economic Analysis announced that it revised the third-quarter Gross Domestic Product (GDP) growth to 33.4% in its third estimate from 33.1% previously. This report, however, failed to provide a boost to market sentiment.
On a negative note, the Conference Board's monthly publication revealed that consumer confidence in the US deteriorated sharply in December and Wall Street's main indexes turned south after this data. The Dow Jones Industrial Average and the S&P 500 indexes are currently down 0.45% and 0.25%, respectively.
With safe-haven flows returning to markets, the US Dollar Index (DXY) advanced to a daily top of 90.71. At the moment, the DXY is up 0.6% on the day at 90.58. In the meantime, the lack of progress in the EU-UK trade talks triggered a heavy selloff in the GBP/USD pair and provided an additional boost to the greenback.
During the Asian session, the Australian Bureau of Statistics will release the November Trade Balance and Private Sector Credit data.
Technical levels to watch for