AUD/USD remains under pressure as weak May PMI data supports expectations for RBA rate cuts. The pair struggles to hold above its 200-DMA, with markets now pricing in 75bps of easing over the next year, BBH FX analysts report.
The Eurozone manufacturing sector remained in contraction, while services sector also followed suit in May, according to data from the HCOB's latest Purchasing Managers' Index (PMI) Survey, published on Thursday.
EUR/USD is hovering around 1.1340, close to two-week highs during the Asian trading hours. The Euro (EUR) continues its winning streak for the fourth consecutive session ahead of the HCOB Purchasing Managers Index (PMI) for the Eurozone, scheduled to be released later in the day.