AUD/USD falls from daily tops at 0.7535, hovers around 0.7510

• Risk-off market sentiment surrounds the financial markets, but the Australian dollar resilience holds.
• US President Joe Biden agreed to push for a deal in a meeting with lawmakers.
• Australian CPI figures rose more than expected, lifting the AUD/USD towards the daily tops at 0.7535.
• US Durable Good Orders shrank less than expected, minimizing the impact on the US dollar.

The AUD/USD edges higher during the New York session, up 0.17% is trading at 0.7513 at the time of writing. The market sentiment was downbeat during the European session, which benefited safe-haven currencies like the greenback. However, the risk-sensitive AUD held to its gains, sitting comfortably around 0.7510. 

The market sentiment is downbeat, as US stock indices shed early week gains, except for the tech-heavy Nasdaq Composite rising 0.47%. The US spending bill is back on the radar, as it was one of the factors, while commodity prices ease a tad.

According to wires, US President Joe Biden reportedly agreed to push for a deal as soon as possible in a meeting with lawmakers. Also, the US Senate Finance Committee Chairman Ron Wyden unveiled a 23.8% tax proposal focused on unrealized gains of assets held by billionaires, affecting 700 people.

US mixed economic data sent the US Dollar Index seesawing between gains and losses

In the Asian session, the Australian economic docket unveiled inflationary numbers. The RBA Trimmed Mean Consumer Price Index for the Q3 expanded by 0.7%, higher than the 0.5% estimated, while the headline Consumer Price Index rose by 0.8%, in line with foreseen and Q2 figures. The AUD/USD reacted positively to the news, reaching a daily high at 0.7535, ahead of US figures.

On the US front, the macroeconomic docket featured Durable Good Orders for September. The headline Durable Good Orders came at -0.4% better than the -1.1% expected but lower than the 1.3% August figure. Contrarily the Nondefense Capital Goods Orders excluding Aircraft rose to 0.8%, higher than the 0.5% estimated and previously printed number.

The greenback reacted negatively to the news, but it has last seen at 93.82, losing 0.14% at press time underpinned by falling US T-bond yields, with the 10-year benchmark note down four basis points, sitting at 1.575%.

That said, the AUD/USD traders would lie on the back of the market sentiment, along with US dollar dynamics, as focus turns to the Federal Reserve meeting on November 2-3. Additionally, spending bills and fiscal policy developments would be watched for investors, as market sentiment triggers, as November kicks in, reducing maneuver time on the Democrats.

AUD/USD ADDITIONAL LEVELS TO WATCH