Australian Dollar outperforms risky peers despite weak Trade Balance data
The Australian Dollar (AUD) trades higher against its risky peers, but is down versus safe-haven peers during the European trading session on Thursday.
The Australian Dollar (AUD) outperformed riskier currencies despite weak trade balance data, according to the latest trading session on Thursday. The AUD was strongest against the Japanese Yen. Despite the Trade Balance report showing a narrowed surplus to A$495 million in August, the AUD remained resilient. The Reserve Bank of Australia (RBA) had raised interest rates by 25 basis points to 4.6%, signaling a commitment to bring inflation down to the 2% target.
This, combined with strong capital inflows due to surging US Treasury yields, contributed to the AUD's strength. The pair is currently trading around 0.6945 against the US Dollar, near the 20-day exponential moving average and a dense band of Fibonacci resistances. Support is seen at the 78.6% retracement at 0.6946, while resistance levels include the 61.8% retracement at 0.7008, the 50.0% retracement at 0.7052, and the 20-day EMA at 0.7063.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
