US economic data will have a significant impact on speculation in the AUD/USD currency pair, with expectations that the Federal Reserve (Fed) will begin cutting interest rates for the first time in the September meeting.

The Australian dollar has been bolstered by the Chinese economy, with China's PMI data in May showing improvement, which may indicate that global demand is starting to recover. Additionally, the Manufacturing PMI has risen to its highest point in 2 years.

However, Australia's Gross Domestic Product (GDP) data for the first quarter remains weak, with the Australian economy growing only 0.1%, compared to the forecast of 0.2%.