Australian Dollar eases from highs as the impact from Trade Balance figures fade
The Australian Dollar (AUD) posts moderate losses against the US Dollar (USD) on Thursday, retreating to the 0.7040 area from three-week highs at 0.7064 on Wednesday.
The Australian Dollar (AUD) experienced a slight decline against the US Dollar (USD) on Thursday, moving to around 0.7040 from its three-week peak of 0.7064 on Wednesday. Despite this, the pair's overall bullish outlook remains intact, with traders observing the upcoming US Nonfarm Payrolls report and the progress of US-Iran talks.
Positive Australian data, such as a larger-than-expected Trade Balance surplus in June and surging commodity exports, contributed to the currency's strength. However, the US ADP Employment Change and the ISM Services PMI fell short of expectations. ING analysts attribute the market's risk-on sentiment to a potential shipping route agreement between Iran and Oman, while emphasizing the importance of the US payrolls report for the direction of the USD.
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