Australian Dollar extends gains as losses extend in US Dollar
Updated
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The Australian Dollar (AUD) displayed positive momentum, continuing its ascent following the previous session's increase as predicted earlier. The Australian currency pair received bullish support due to a correction in the US Dollar (USD) caused by a decline in US Treasury yields. Currently, it is trading at 0.636.
After upbeat US jobs data on Wednesday and a decrease in US Treasury yields, the US Dollar Index (DXY) experienced a correction from an 11-month high. However, the initial sell-off of bonds led to record-low bond yields that haven't been observed for years before recovering and directly impacting the pair's performance.
The Australian Dollar (AUD) displayed positive momentum, continuing its ascent following the previous session's increase as predicted earlier. The Australian currency pair received bullish support due to a correction in the US Dollar (USD) caused by a decline in US Treasury yields. Currently, it is trading at 0.636.
After upbeat US jobs data on Wednesday and a decrease in US Treasury yields, the US Dollar Index (DXY) experienced a correction from an 11-month high. However, the initial sell-off of bonds led to record-low bond yields that haven't been observed for years before recovering and directly impacting the pair's performance.
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