- AUD/USD reached fresh multi-year highs on Wednesday.
- USD demand remains weak.
- US data and FOMC Minutes in focus.
AUD/USD advanced in the European session hitting 0.7820 its highest level since March 2018
DXY extends selloff
The persistent softer tone surrounding the greenback and the upbeat market mood helps maintain AUD/USD’s bullish momentum..
The US Dollar Index (DXY), closed lower in the previous two sessions and is now trading down 0.21%at 89.25 as investors price in additional stimulus with Democrats looking to win the majority in the Senate.
Looking ahead the ADP Employment Change, Markit Services PMI and Factory Orders data from the US will be eyed for fresh impetus. The FOMC will publish the Minutes of its December meeting.
Australian Commonwealth Bank Services PMI in December declined modestly to 57 missing forecasts of 57.4 but was largely ignored by market participants.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.