Australian Dollar Holds Above 0.7000 as Broad USD Strength Overrides Oil Gains
AUD/USD retreated 0.36% but remained above the 0.7000 level, erasing Wednesday’s advance as the US dollar strengthened across the board. The DXY rose 0.28% toward the 100.00 mark.
The Australian dollar edged lower against the greenback, reversing gains from the previous session. AUD/USD dipped 0.36% on the day, yet the pair managed to stay above the psychologically important 0.7000 handle.
Broad-based US dollar firmness drove the move, with the US Dollar Index (DXY) climbing 0.28% to hover near the 100.00 level. The Aussie found no support from a rally in oil prices, underscoring the dominance of USD flows.
Traders continue to monitor the DXY’s approach to the 100.00 threshold, which could determine near-term direction for major FX pairs.
Source: FXStreet Forex News