Aussie falls off two-week high

Australian dollar fell in Asian trade off February 6 highs following data from Australia and ahead of US data today. 

As of 02:42 GMT, AUD/USD shed 0.15% to 0.7154, with an intraday low at 0.7142, and a two-week high at 0.7207. 

Australia's services PMI tumbled to 49.3 from 51.0, while the manufacturing PMI fell to 53.1 from 53.9. 

The Reserve Bank of Australia released the minutes of its last meeting, at which rates were held steady at 1.5% as expected. 

The RBA believes rate expectations are mostly balanced, which was interpreted as caution and bearish by the market. 

Now investors await a suite of US data, with the Philly manufacturing index expected up to 14.1 from 17.0 in January, while unemployment claims are estimated down 11 thousand to 228 thousand. 

Durable goods order are expected up 1.6% while core sales are estimated up 0.3%. 

The manufacturing PMI is expected at 54.9, while services PMI are estimated at 54.4. 

The Federal Reserve's minutes for the January meeting reveal that policymakers are ready to hike rates if the economy performed as expected. 

However, the economic picture remains unclear, however, some members still believe in a hike if inflation rose above 2%.