The AUD/USD moved higher as the Australian dollar attempted to restore its gains against its US counterpart on Wednesday, after the Westpac consumer confidence improved by 1.2% in April from the previous drop by 2.4% in March.
The Australian currency improved versus majors after a two-day drop as signs of global economic growth boosted demand for higher-yielding currencies such as the Australian dollar.
A drop in commodity prices dented sentiment toward the Australian dollar on Tuesday, alongside prevailing jitters over the Japanese crisis and state of the global economic recovery.
On Thursday, the Commonwealth of Australia will not release any fundamentals. On the other hand, at 12:30 GMT the U.S economy will release the weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment benefits is expected marginally steady at 380 thousand following 382 thousands the previous week; while continuing claims are expected to have dropped to 3703 thousand from 3723 thousand.
The U.S. PPI for March will be released at 12:30 GMT as well; inflation is expected to have eased on the month with 1.0% rise following 1. 6% and steady on the year at 0.2%. Excluding food and energy prices at factory gates are expected to have ticked higher at 6.2% on the month following 5.6% and at 1.9% on the year.
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