The AUD/USD rebounded from multi-week lows on Wednesday, driven by broad-based US Dollar weakness.
AUD/USD rebounds from multi-week lows amid USD weakness. A break above the 200-day SMA at 0.6630 could signal a more positive outlook for the pair. The RBA's cautious tone and persistent inflation risks suggest that interest rates may stay steady for the foreseeable future. The upcoming US NFP report could weigh on the US Dollar and provide support for AUD/USD. The pair rose by 0.25% to 0.6575, snapping a three-day losing streak.
The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.
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