AUD/USD Holds Near 0.6940 as UOB Flags Recovery Room

AUD/USD trades near 0.6940 after a fragile bounce off four-week lows, with UOB seeing scope for a break above 0.6980 if 0.6900 support holds. Early optimism from June PMI gains faded after May’s unexpected AUD 3.02 billion trade deficit and persistent doubts over an August RBA hike despite hawkish minutes. Softer US payrolls (57k vs 114k expected) briefly eased dollar pressure, yet resistance at 0.7000 has capped follow-through, leaving the pair vulnerable to a retest of 0.6832.