- USD sales continue on encouraging momentum and Fed dovishness.
- Dollar index at multi-year level.
- Unemployment falls in Australia.
AUD / USD will be trading at the highest level since June 2018 and is trying to push past 0.7600, continuing the four – day winning streak, ahead of the European opening.
Progress towards the US $ 900 billion pandemic aid package and the Fed’s depressing approach in tackling inflation and slowing employment are putting pressure on the green. The dollar index has fallen to its lowest level in two and a half years, pushing to break the support near the 90 level. The index is down 0.48 percent for the day.
The AUD / USD bulls also received a boost from strong Australian employment data, which showed the unemployment rate fell to 6.8 per cent in November and created 90k higher-than-expected jobs.
Positive earnings numbers reduce pressure on Australia ‘s central bank to turn around.
Also, market participants will see positive shifts between Australia and China, following the comments from Australian Treasurer Josh Frydenberg on the trade issues between the two countries.
Thus, AUD / USD could continue its uptrend backed by RBA policy expectations, vaccine heads, and U.S. stimulus talks.
Traders also monitor weekly earnings claims in the U.S. for short-term trading opportunities.
Currencylive.com is a news-only site and not a money trading platform. Currencylive.com is a site operated by TransferWise Inc. (“We”, “Us”), Delaware Corporation. We do not guarantee that the website will operate in a uninterrupted or error-free manner or that it is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as a complete treatment of its subject matter. We expressly disclaim any contractual or trust relationship with you based on the content of our site, which you may not rely on for any reason. You should consult qualified professionals or experts before taking, or stopping, any action based on the content on our site. While we make reasonable efforts to update the information on our site, we make no representations, warranties or warranties, whether express or implied, that the content on the site is We have an inaccurate, complete or up-to-date, and EXPRESS IMPLIED WARRANTY OF IMPROVEMENT OR MAJOR INFORMATION OR REQUIREMENT FOR PARTIAL PROGRESS. Some of the content posted on this site has been commissioned by us, but is the work of independent contractors. These contractors are not employees, employees, representatives or TransferWise partners and do not hold themselves out as one. The information and content posted by these independent contractors has not been verified or approved by us. The views expressed by these independent contractors on currencylive.com do not represent our views.
Source
Related
