The AUD/USD pair gains traction to near 0.7135 during the Asian trading hours on Friday. The US Dollar (USD) weakens against the Australian Dollar (AUD) and is set for a weekly loss as traders viewed the US Treasury’s bond buyback gambit as merely a temporary fix.
The preliminary readings of the US Purchasing Managers Index (PMI) are due later on Friday. US Treasury Secretary Scott Bessent said on Thursday that the Treasury could increase bond buybacks beyond $4 billion, partly to signal that current yields do not reflect underlying economic fundamentals. He stressed that interest rates have nothing to do with the buyback decision.
This action…
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