AUDUSD falls on recovering Treasury yields.
AUDUSD under the bearish pressure today as stabilising U.S. Treasury yields helped the dollar trade back in positive territory today – after the 10-year Treasury yields fell more than 6 basis points from a 10-month high hit on Tuesday. Investors expect large sums in government borrowing to fund big-spending stimulus plans and have figured that higher U.S. rates might make the dollar more attractive. The Australian dollar is itself under bearish pressure today after China (Australia’s largest trading partner) posted its biggest daily jump in COVID cases in more than five months – putting four cities put under lockdown.
Expect sellers on upward corrections.
Next support to watch – 0.9815
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