The Australian Dollar (AUD) soared against the USD to its highest level since January following the report of soft labor market figures from the US and strong Retail Sales data from Australia earlier in the session.
AUD/USD bulls step in as the pair soars to multi-month highs. May's strong Retail Sales figures from Australia and weak US ADP data are driving the pair.
Minutes reveal members admitting that price pressure is easing. The Australian Dollar soared against the USD to its highest level since January following the report of soft labor market figures from the US and strong Retail Sales data from Australia earlier in the session. The Australian economy continues to show mixed signs. Nonetheless, persistent high inflation is causing the Reserve Bank of Australia to postpone potential rate cuts.
Minutes from the June meeting give reasons for the market to hope as they showed that members are acknowledging a cooldown of inflation. Technical analysis: AUD/USD finds momentum, outlook in favor of the bulls now After the pair traded sideways since mid-May within the range of 0.6600-0.6700, the AUD/USD has soared above 0.6700 for the first time since January. Indicators including the Relative Strength Index and Moving Average Convergence Divergence leaped further in positive terrain.
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