AUD/USD slips off 3-week high

Australian dollar fluctuated lower in a tight range during the Asian session to see its second consecutive session drop since February 27, while it is still in its second straight weekly gain against the US dollar following economic developments and data from the australian economy as well as an expected release of US data on friday by the largest economy in the world.

At 02:58 GMT, the AUD/USD fell 0.14% to 0.7102 compared to the opening levels of 0.7112, after reaching a low of 0.7095, with a high at 0.7119.

We have followed the Australian economy to reveal the preliminary reading of the manufacturing PMI for March, which showed contraction of the Widening to 52.0 compared to 52.9 in February, in addition to the release of the preliminary reading of the services PMI for the current month, which showed a reduction in deflation levels to 49.8 versus 48.7 in February.

On the other hand, investors expect the US economy to release the preliminary reading of the PMI index for March, amid expectations of the expansion of the industrial sector to 53.5 compared to 53.0 in February, and a shrink in service sector to 55.7 versus 53.0 in February.

To the release of housing market data with the existing home sales index, which may reflect a rise of 3.2% to 5.10 million against a decline of 1.2% at 4.94 million in January, in conjunction with the final reading of the index of wholesale , which may show a slowdown in growth at 0.2% versus 1.1% in the January preliminary reading as well as the previous December reading.

This comes after the Federal Open Market Committee's meeting during the March 19-20 meeting to keep interest rates between 2.25% and 2.50% and move forward in cuts in Bonds re-purchases  until next September. With the Commission reducing its forecast for growth and raising its expectations for unemployment rates and declining expectations of raising interest rates during the current year, amid the preservation of its expectations to be raised once during the next year 2020.