Ella 
AUD/USD fell for the ninth consecutive session on Thursday, mainly due to lower crude oil, iron ore and copper prices. As Australia is a net exporter of energy and metals, its currency is particularly sensitive to fluctuations in commodity prices.
The AUD was also pressured by recent Purchasing Managers Index (PMI) data, which showed that business activity in Australia cooled to a six-month low in July. Manufacturing activity continued to contract, while growth in the services sector slowed.
The AUD’s downside may be limited as the Reserve Bank of Australia (RBA) is expected to ease tightening policy later than other major central banks due to persistent inflationary pressures and a tight job market. Futures markets are currently pricing in a 20% chance of a rate hike at the RBA’s August meeting.
AUD/USD is also under pressure from a stronger U.S. dollar as investors prepare for the upcoming release of U.S. GDP and PCE inflation data. Recent U.S. Purchasing Managers Index (PMI) data showed that the pace of expansion of private sector activity accelerated in July, highlighting the resilience of U.S. economic growth despite rising interest rates. If inflation shows no signs of slowing, the data will provide some flexibility for the Federal Reserve to maintain its restrictive policy stance.
Traders are expected to pay close attention to the U.S. second quarter gross domestic product (GDP) annualized data released on Thursday, which is expected to grow 2.0% in the second quarter, compared with 1.4% in the previous period. Investors may gain new insights into the state of the U.S. economy.
