- AUD/USD weak after Friday sell-off
- Dollar index posts 6-day high, above 93.5
- Sparse US economic docket on Monday
AUD/USD is trading near 0.7143, down 0.2 Percent after suffering more than 70 pips decline on Friday, giving back almost all of the gains made in the week.
Dollar strength is almost the sole driver for the pair without any significant economic release from Australia. The dollar index which was up by 0.7 Percent after better-than-expected Nonfarm Payrolls on Friday further strengthened to its highest level since August 4, at 93.68 – a gain of 0.28 Percent from the last close.
Later today, JOLTS Job Openings data from the US Bureau of Labor Statistics is expected.
Australia witnessed 17 casualties in the state of Victoria, the largest daily increase till date. Also, the number of new cases climbed up by 394 increasing the state’s total to 14,659, Bloomberg reported quoting Victoria’s Premier Daniel Andrews.
Tuesday will see the Business Confidence and the Business Outlook data, from the National Australia Bank, for July. Additionally, investors will closely monitor the number of new coronavirus cases for more clarity over the exchange rate.