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AUD/USD stages modest rebound toward 0 7750, eyes on US data
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NZD/USD continues to push lower, trades around 0 7170 ahead of key US data
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AUD/USD Weekly Forecast: Pressure mounts in the near-term, but bulls still has an ace up the sleeveANALYSIS |
3/12/2021 3:43:24 PM GMT
The Reserve Bank of Australia took action to curb the yields rally.
The US Federal Reserve is having a monetary policy meeting this week.
AUD/USD could fall towards 0.7620 but the long-term bullish picture persists.
The AUD/USD pair is has managed to post a modest advance this week, recovering well above the 0.7700 threshold. The greenback strengthened on the back of soaring government bond yields, but in the case of AUD/USD, the stronger dollar was partially offset by Wall Street reaching all-time highs. The Dow Jones Industrial Average and the S&P both hit records on Thursday, after US President Joe Biden signed the $ 1.9 trillion stimulus bill into law, granting more easy money to markets.
3/12/2021 3:34:10 PM GMT
Government bond yields keep ramping up despite centra banks’ measures.
Growth imbalances in favor of the US should provide further support to the dollar.
EUR/USD is technically bearish and heading toward the 1.1700 level.
The week ends as it started, with government bond yields soaring and the greenback following their lead. The yield on the benchmark 10-year US Treasury yield peaked at 1.62% at the beginning of the week, then retreated to as low as 1.47% mid-week. Heading into Friday’s close, the yield resumed its advance and stands at 1.62%.
The EUR/USD pair traded alongside, peaking at 1.1989 on Thursday, following the European Central Bank Monetary policy announcement, now trading around 1.1930.