Aussie higher as USD weakens

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Friday, Jun 16 2017

Aussie higher as USD weakens

AUD/USD pushed higher in European trading today to erase losses that followed the Fed meeting. The pair had made a sustained break back above a horizontal level at 0.7589 and today’s recovery has negated a bearish shooting star candle that was printed on a daily chart yesterday.

The advance in AUD/USD was driven by a broadly weaker dollar as the greenback declined versus all of its major counterparts today. The antipodean currencies led the gainer’s list, both posting a gain of roughly 0.6% against the dollar as of the European close.

The Australian dollar is the second best performing currency this week and remains the best performer for the month thus far. While the dollar shows some potential of turning higher in a broader recovery, AUD/USD will tend not to be a favored pair among dollar bulls as a result of the strength the currency has displayed as compared to its major counterparts.

More in this category: « Unemployment Claims at 237,000 Eurozone CPI increased by 1.4% »

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