The AUD/USD pair rebounded today and erased most of Tuesday’s losses. It rose further during the US session and peaked at 0.7522. Near the end of the session was hovering around 0.7510/15, up 45 pips for the day. The improvement in risk sentiment particularly regarding Emerging Markets, after yesterday’s sell-off, helped the Aussie and also other commodity currencies. Despite the recovery, AUD/USD continues to trade within a consolidation range still close to monthly lows but holding above the 0.7440 area. On Thursday, key data from Australia will be released and is likely to be the main driver during the Asian session. The first report will be Inflation expectations for May, followed by the April employment report (net change expected: +20K). (source: fxstreet)