- AUD / USD accelerated the decline below 0.7100 ahead of the American session.
- The US dollar index climbed to a high in more than a week near 93.50.
- The major Wall Street indices point to a sharp open on Wednesday.
The AUD / USD rose above 0.7150 hours ago but then reversed the trend dramatically. It just hit a week lows, more than a hundred pips below the highs. The pair bottomed out at 0.7048 and is trading at 0.7060, 65 pips below yesterday’s close and targeting the next support at 0.7045, which protects 0.7020, the October low.
The data that were known of inflation of Australia they had helped the Aussie in the Asian session. But risk aversion across the stock markets boosted the dollar.
The dollar index It rises almost 0.5% and operates in the 93.50 area, the highest level on the day. The US data is not expected to have any impact and traders will remain focused on what happens on Wall Street with stocks and bonds.
The fears over the impact of coronavirus outbreaks in Europe affected the mood of the markets and they intensified the demand for the dollar. This occurs six days before the US presidential elections.
Credits: Forex Street
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