AUD/USD struggles to hold above 0.7800 despite broad USD weakness

The AUD/USD pair closed the first day of the week in the high-quality territory and endured to push greater for the duration of the Asian session on Tuesday. After touching its best possible degree in a month at 0.7806, however, the pair edged barely decrease and was once final considered clinging to modest each day features at 0.7790.

Eyes on Wall Street
In its February Meeting Minutes, the Reserve Bank of Australia reiterated that ver great economic assist will be wished for some time and cited that there may not be a charge hike till inflation steadies in the 2%-3% range. Nevertheless, the RBA’s guide did not provide something new with admire to the coverage outlook and the upbeat market temper allowed the risk-sensitive AUD to retain its strength.

In the meantime, the dollar continues to have a tough time discovering demand as a safe-haven and the US Dollar Index (DXY) is buying and selling at multi-week lows close to 90.20, dropping 0.3% on the day and assisting AUD/USD continue to be in the advantageous territory.

The NY Empire State Manufacturing Index will be the solely information featured in the US monetary docket on Tuesday. Investors will preserve a shut eye on the overall performance of Wall Street’s major indexes following the lengthy weekend. Currently, the S&P five hundred Futures are up 0.45% on the day and the DXY is possibly to stay on the returned foot in case chance flows dominate the economic markets in the 2d 1/2 of the day.

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