07.10.2022
Chicago 12, Melborne City, USA
Business

AUD/USD Focuses on $0.7000 Level During Minimal Dollar Downtrend

AUD/USD corrects from yesterday’s rebound from a week and a half deep. It then gained a foothold for two days straight today (Thursday). The gradual in-day uptrend continued during the European trading period. Subsequently, this took the spot price to a new daily height, near the 0.6975 area.

The selling pressure that the USD faced became a tailwind that propelled the AUD/USD. Frankly, the Dollar has been fighting hard to build on this week’s good performance which it displayed. The USD had to recover from its lowest mark since the 5th of July, while the USD Treasury bond yield was facing a regression.

More Details on AUD/USD Factors

However, the USD’s downward trend might remain restricted by the rise of more hawkish comments. These comments came from officials of the Federal Reserve this week. These remarks hinted that additional interest rates are on the way. Additionally, increasing recession anxieties, combined with the United States and China’s tension may restrain optimistic movement in the Forex market. Furthermore, this mentioned factor should serve as a propeller for the AUD/USD.

Also, investors may prefer to wait and see what the United States Job data will publish before making moves. Additionally, this report will be published tomorrow (Friday). The monthly Non-farm payroll report is likely to affect the Fed’s interest rate decisions. Also, this may play an important role in affecting the Imitated States Dollar price movements. Subsequently, this will dictate the bearing of the AUD/USD directional move.

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