AUD/USD challenges the 0.7600 level, extending its four-day prevailing streak into European trading. The pair sits at the perfect ranges given that June 2018, underpinned by using the market optimism and ongoing US greenback sell-off.
The US dollar’s slide can be in most cases attributed to the optimism over the development on a US $900 billion covid resource package. Meanwhile, the Fed’s dovish take on the inflation and employment outlook additionally provides to the weight on the buck,
The US greenback index trades at the weakest stage in two-and-a-half years, now difficult the ninety level, down 0.48% on the day.
The aussie bulls additionally cheer robust Australian employment data, which confirmed that the country’s jobless charge fell to 60.8% in November whilst seeing the addition of a bigger-than-expected job of 90K. The upbeat jobs document eases the strain off the RBA to set up extra easing measures.
Moreover, markets took observe of the remarks from the Australian Treasurer Josh Frydenberg on the change troubles with China, as he introduced the Mid-Year Economic and Fiscal Outlook (MYEFO) previously today.
From a broader perspective, easing dovish RBA expectations, vaccine and US stimulus optimism will proceed to bode properly for the higher-yielding aussie, as we head closer to the year-end vacation season.
In the meantime, the updates on a attainable US useful resource package deal deal and weekly jobless claims records will be carefully eyed for near-term buying and selling possibilities in the major.