AUD/USD Drifts Down as Focus Remains on U.S.Dollar

        0548 GMT [Dow Jones] AUD/USD has drifted down after rising strongly on broad-based U.S. dollar weakness overnight. Disappointing domestic retail trade data saw it hit an intraday low of 0.9333, but most of the fall from an overnight peak of 0.9363 has been due to a slight moderation of U.S. dollar weakness. Invast Financial Services chief market analyst, Peter Esho says AUD/EUR buying could underpin AUD/USD in the near term--he expects EUR/USD to draw selling near 1.4000. AUD/USD is playing second fiddle to major currencies before key events including domestic jobs data on Thursday, the RBA's Statement on Monetary Policy on Friday, and the Federal Budget next Tuesday. Focus turns to Janet Yellen's congressional testimony tonight, following by domestic jobs data Thursday. AUD/USD is last at 0.9340.
        (david.rogers@wsj.com; Twitter: @DRWSJ)
        (END) Dow Jones Newswires

        May 07, 2014 01:48 ET (05:48 GMT)