- AUD / USD rose to a daily high of 0.7072 on Friday.
- The major Wall Street indices are trading deep in negative territory.
- The US dollar index rebounds towards 94.00 thanks to safe haven flows
After climbing to a new daily high of 0.7072, the pair AUD/USD It erased most of its daily gains and was last seen trading 0.7036, where it was up 0.1% on the day.
USD bounces as US equities slide
Strong bearish pressure surrounding the major US stock indices allowed the dollar to regain its safe haven position and forced AUD / USD to turn south. At the time of writing, the S&P 500 and Dow Jones Industrial Average indices were down 1.7% and 1.5% respectively, while the US dollar index was down just 0.05% on the day at 93.88.
Hours earlier, data released by the US Bureau of Economic Analysis revealed that personal spending and personal income rose 1.4% and 0.9% in September, respectively. Although these figures were better than analyst estimates, they did not help improve market sentiment.
No macroeconomic data will be released for the rest of the day and month-end flows could increase market volatility.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
