AUD/USD stabilizes in first session of six

The Australian dollar fluctuated higher in a tight range during the Asian session, witnessing its rebound from its lowest level since March 8th against the US dollar, amid a lack of economic data by the Australian economy, due to its absence in observance of Anzac Day holiday and on the threshold of developments and economic data release expected today, by the US economy, the largest economy in the world.

As of 02:22 GMT, AUD/USD rose 0.09% to $0.7021 compared with the opening at $0.7015, after reaching a high of $0.7022 and a 7-week low of $0.7004.

Investors are looking for the US economy to reveal the reading of durable goods orders, which account for about half of consumer spending, and more than two-thirds of the US GDP, which could reflect a 0.7% rise from 0.3% in February. While the core reading of the same index may rise 0.2% from 0.1% in February.

This comes in conjunction with the reading of the index of jobless claims, which may show a rise of 7,000 applications to 199,000 applications during the week ending last Saturday. The ongoing jobless claims index may also show a 29,000 increase in demand to 1,682,000 in the week ending on the 13th of this month. This comes before we witness the US Treasury Department's semi-annual report on the international economic and exchange rates.