AUD/USD plummets to fresh YTD lows, bears targeting 0.7400 mark

AUD/USD remained under some selling pressure for the third consecutive session on Thursday.
COVID-19 jitters, the prevalent risk-off environment took its toll on the perceived riskier aussie
Sliding US bond yields kept the USD bulls on the defensive, though did little to lend any support.
The AUD/USD pair added to its intraday losses and dropped to fresh seven-month lows, round the 0.7425 region during the first European session.

The pair extended this week’s rejection slide from the 0.7600 neighbourhood and witnessed some follow-through selling for the third consecutive session on Thursday. Fresh COVID-19 jitters took its toll on the worldwide risk sentiment and clothed to be a key factor that weighed heavily on the perceived riskier aussie.

Investors now seem worried about the economic fallout from the imposition of fresh restrictions to curb the spread of the highly contagious Delta variant of the coronavirus. New South Wales extended the lockdown in Australia’s largest city – Sydney – for an additional week and therefore the stay-at-home orders will now remain in situ until July 16.



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