April 17, 2024

AUD Price Achieves a Two-Month High against Weak USD

The AUD/USD pair has experienced a significant climb in the recent trading sessions in the European market. The value of the AUD has risen significantly against the weakening price of the USD.

AUD/USD Hits Two-Month High

The data shows that the value of the pair has been rising. In recent weeks, the trading value of the AUD has continued rising against the USD.

The value of the pair has risen to a level where it has managed to hit a two-month high. The pair’s value reportedly rose to a two-month high in the Thursday trading session.

AUD/USD’s Current Trading Value and Bullish Sentiments

The confidence level of the investors seems to be ever-growing in the AUD/USD pair. The trading value of the pair currently hovers between 0.7110 and 0.7115.

It is expected that the trading value of the pair may continue rising as the bulls have a strong resolve to carry on with their buying spree.

The bulls may attempt and push the trading value of the pair higher. They will be making an overnight bullish attempt to push the trading price of the pair higher.

The bulls may attempt to push the trading price of the pair higher by exerting stronger buying power. With this, they may attempt to push AUD/USD’s value higher than the growth rate in the month of July.

The rise in AUD’s Price

The rise in the AUD price has been witnessed following the weakening of the USD. The greenback has started losing its power after the Feds shared promising NFP and CPI data for the month of July.

As the data was above and below the expectations of the economists, the Feds have found themselves in a better position to deal with the inflation situation.

With the said results, the Feds have the opportunity to increase interest rates to bring inflation rates under control. The softer results shared for the CPI have forced the investors to cut down on their bets on the USD.

This has made the USD much weaker against the major currencies from all over the world. This has helped the AUD gain momentum against the USD, and its value may continue rising going forward.

September Expectations for the AUD

The next Fed meeting will take place in September, where they will be increasing the interest rates to bring inflation rates under control.

With the interest rate hikes, the USD value may lose more strength, making the AUD stronger against the USD.

If the momentum continues, then the trading value of the AUD may rise to 0.7175. If the USD keeps getting weaker, the AUD value may grow up to 0.7230.

Leave a Reply

Your email address will not be published. Required fields are marked *