The University of Michigan index of consumer sentiment saw its biggest drop since 2021 in May - dropping to a six-month low - reflecting consumer concerns over inflation and rising prices.
Figure 1: Index of Consumer Sentiment
Source: Washington Post/ University of Michigan
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AUDUSD remains vulnerable and the pair traded to a fresh trend low Friday. Key support at 0.6443, the Feb 13 low, has recently been cleared highlighting an important technical breach that has confirmed a resumption of the downtrend that started late December last year. Scope is seen for an extension towards 0.6339, the Nov 10 ‘23 low. Firm resistance is seen at 0.6537, the 50-day EMA. Short-term gains are considered corrective.