AUD/USD Buyers Are Standing Their Ground While USD Stays Weak

Updated:

AUD/USD rose by 1%, while the United State dollar gets weakened by selling pressure ahead of an important speech. This speech will be given by Jerome Powell – Fed’s chairman. Meanwhile, the pair was  bought and sold around $0.6976. Also, it has been fluctuating between 0.6902 and 0.6991.

AUD has been striving to record more profit because the USD has stopped to gather some strength. This is happening ahead of the conference that will be held by the United States Fed this week. The Australian Dollar was helped by China’s stimulus declaration during the Asian Session, which strengthened risk feeling.

AUD/USD Buyers Standing Their Ground While USD Stays Weak

More Happenings Affecting the AUD/USD Price Dynamics

China declared a huge CNY1 trillion stimulus package to support the economy. A nineteen-point package was outlined by the state council, and it is meant for infrastructure spending. This consists of another CNY300 billion which state banks could spend on infrastructure works. This adds to the CNY300 Billion which was declared in June. Also, this has indirectly affected the AUD/USD price activity.

Analysts debated that infrastructure spending is a key tool used by China to navigate through difficult times. However, analysts believe that this will likely not be enough to deal with the effect of Covid lockdowns, energy cuts, plus tension from the crashing property market. At the same time, everything will soon boil down to home data and the publication of the retail trade. Currently, attention is on the Economic Symposium by Jackson Hole. And this will affect the AUD/USD price movement.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.