AUD/USD extends rally after US core PCE beats estimates The lack of a reaction may be as a result of the US Dollar already pricing in inflationary GDP data on Thursday. Higher Australian factory gate inflation data overnight added a tailwind to AUD/USD. AUD/USD trades in the 0.6540s as it continues rallying after the release of US core Personal Consumption Expenditures Price Index data for March.
The US Dollar’s lack of reaction could be put down to its already pricing in inflationary GDP data for the first quarter on Thursday, which pre-empted the inflationary core PCE data. Although the rate of US GDP growth slowed in Q1, the GDP Price Index component, which measures goods inflation, rose much higher than previously. As a result of the data the US Dollar strengthened in most pairs and AUD/USD pared its earlier gains, falling to a low 0.6486 after the release.
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