AUD/USD stubbornly consolidates above 0.6420
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During the early Asian trading session on Friday, the AUD/USD pair made a recovery and consolidated around 0.6428. This rebound was fueled by a correction in the US Dollar (USD) and lower yields from US Treasury bonds. At the same time, the US Dollar Index (DXY) decreased to 106.10 after reaching its highest level since November at 106.83.
The latest data released on Thursday indicated that real U.S Gross Domestic Product (GDP) grew by an anticipated annual rate of 2.1% in Q2. This news has offered some mild support to the Australian Dollar's position in comparison to the USD. However, this surge in AUD/USD was short-lived due to concerns about higher long-term interest rates in the United States and potential risks to growth caused by an imminent government shutdown in America. Consequently, these factors may restrict any further gains for the Greenback.
During the early Asian trading session on Friday, the AUD/USD pair made a recovery and consolidated around 0.6428. This rebound was fueled by a correction in the US Dollar (USD) and lower yields from US Treasury bonds. At the same time, the US Dollar Index (DXY) decreased to 106.10 after reaching its highest level since November at 106.83.
The latest data released on Thursday indicated that real U.S Gross Domestic Product (GDP) grew by an anticipated annual rate of 2.1% in Q2. This news has offered some mild support to the Australian Dollar's position in comparison to the USD. However, this surge in AUD/USD was short-lived due to concerns about higher long-term interest rates in the United States and potential risks to growth caused by an imminent government shutdown in America. Consequently, these factors may restrict any further gains for the Greenback.
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