Australian Dollar holds onto gains against US Dollar, PBoC leaves rates steady
The Australian Dollar (AUD) holds onto two-day gains at around 0.6985 against the US Dollar (USD) during the early European trade on Tuesday. The Aussie pair reflects strength as the US Dollar remains under pressure due to Artificial Intelligence (AI) jitters.
The Australian Dollar maintains its slight advantage over the US Dollar, currently trading around 0.6985. This gain comes as the US Dollar struggles amid concerns over artificial intelligence-related sentiment. The People's Bank of China (PBoC) maintains its key interest rates steady at 3.00% for the one-year Repo Rate and 3.50% for the five-year LPR.
Despite this, the Australian Dollar is underperforming compared to other currencies, which have seen a decline following the PBoC's decision. Technical analysis indicates that the AUD/USD pair is near a key support level at the 20-day EMA of 0.6992, with limited upside potential currently.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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