- The Australian dollar falls against its G10 rivals during the European session.
- Initial US jobless claims fall unexpectedly, helping the DXY.
- AUD/USD reverses again from 0.6750 and finds support at 0.6690.
He AUD/USD it was rejected again above 0.6750 and fell back to 0.6690, before recovering above 0.6700 after Wall Street’s open.
US data showed a larger than expected decline in jobless claims, helping the dollar gain some ground. However, the dollar remains under pressure after the FOMC meeting. The Federal Reserve raised its key interest rate by 25 basis points, but did not commit to further rate hikes.
The dollar rose after the data, but weakened again after a positive opening on Wall Street. Stock prices recover after Wednesday’s sell-off. At the same time, US yields are moving away from daily highs, adding downward pressure on the dollar.
The Australian dollar was one of the worst performers in the European session, with AUD/NZD hitting fresh three-day lows below 1.0700. The AUD/USD rally is being driven by rising equity prices and a weak US dollar as the Aussie remains weak.
From a technical point of view, AUD/USD was rejected again above 0.6750 and pulled back. The pair is showing difficulties in extending the rally, but corrections are limited, reflecting that the bullish bias is still intact.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
