Australian Dollar defies rising yields as AUD/USD closes in on 0.70
The Aussie Dollar registers back-to-back days of gains on Monday, even though US Treasury yields edged higher, underpinning the US Dollar, which appreciated against a basket of six currencies but not versus the Australian Dollar. The AUD/USD trades at 0.6972, up 0.37%.
Australian Dollar experiences consecutive gains despite rising US Treasury yields, closing near 0.70. On Monday, the AUD/USD traded at 0.6972, a 0.37% increase. Wall Street saw gains, with tech stocks driving the Nasdaq and S&P 500 higher. However, elevated energy prices fueled US yield increases. WTI crude oil fell as Europe planned to release 100 million barrels of diesel and crude reserves.
The US ISM Services PMI for September fell slightly below expectations. Meanwhile, Australia's economic calendar includes the AIG Industry Index and October's Consumer Inflation Expectations. The RBA Governor expects rate hikes to help lower inflation. AUD/USD stayed bearish but above key support levels. Analysts noted that USD/JPY regained gains and traded around 158.00. Gold approached $4,150 amid strong USD and rising Treasury yields.
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