United Kingdom S&P Global Construction PMI fell from previous 39.7 to 38.2 in May

UOB’s Quek Ser Leang and Lee Sue Ann highlight a sharp AUD/USD selloff after weaker Australian Gross Domestic Product (GDP), with the pair now hovering just above 0.7120 support. While intraday momentum suggests another test of this level, oversold conditions argue against a sustained break.