AUD/USD bounces up as the Dollar rally loses steam and approaches 0.6450 resistance area

• The Aussie Dollar bounced up from lows and approaches resistance at 0.6450
• The US Dollar is giving away gains as the optimism following the ban on Trump's tariffs eases.
• On the macroeconomic front, US GDP and Jobless Claims will gather the focus today.
  

The Aussie Dollar bounced up right above the 0.6400 psychological level on Thursday and is trading 0.30% higher on the day, with a retest of the 0.6450 resistance area on the cards, as the US Dollar rally loses steam.

The Greenback appreciated across the board during late Wednesday and Thursday's Asian session, boosted by a US court ruling against Trump's trade tariffs, before pulling back during the European session.

In Australia, an unexpected decline in Private Capital Expenditure, which fell 0.1% in the first quarter, against expectations of a 0.5% increase, offset the positive impact of the sticky inflation numbers seen on Wednesday and added negative pressure on the AUD.

Enthusiasm about the tariff ban fades

After the initial enthusiasm, Investors might have come to terms with the fact that this will be an extended process. The US Government immediately appealed the court's sentence, which suggests that Trump's erratic trade policy is far from over.

The focus today is on the second reading of the US Q1 GDP, which is expected to confirm a 0.3% contraction.

The Weekly Jobless Claims will provide a fresh glimpse into the US Labour market, and Fed officials Goldsbee, Kugler, and Daly might offer some clues about the bank's easing calendar.

The highlight of the week, however, is Friday's PCE Price Index, the Federal Reserve's favourite inflation gauge, which is expected to show that price pressure ticked up in April.