Bullish Weekly Trend Develops for AUD/USD With the Feds out-printing the Reserve
Bank of Australia, diluting the value of each US dollar. And Record Gold Prices
bit.ly/30fmZxy $1930.00 per ounce has buoyed the Aussie dollar. As the world’s
third-largest gold producing country, the currency from Down Under has an 80%
correlation with the price of gold. The more people pay for gold, the more
people have to buy the AUD with which to pay for Australian produced gold. Look
for dips as a buying opportunity for the week.
AUD/USD struggles above 0.7100 despite upbeat China Caixin Manufacturing PMI The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.11% to 93.535 by 9:47 AM ET (2:47 GMT). the greenback hit a speed bump as there were some technical signs of being over-bought in the near-term and with speculators’ long position hitting a record level. “But the dollar’s decline is likely to continue. Real U.S. interest rates are declining even as the country is running a big current account deficit, a situation we hadn’t have for a long time. Dollar on defensive as U.S. recovery story in doubt By Hideyuki Sano TOKYO (Reuters) - The U.S. dollar ticked up in early Monday trade, clinging to its rebound late last week, but mounting concerns about a slowing U.S. economic recovery from coronavirus epidemic kept a lid on gains. The dollar rose 0.3% to 106.20 yen , having gained almost 1% on Friday thanks in part to month-end buying following its dive into
Bullish Weekly Trend Develops for AUD/USD With the Feds out-printing the Reserve
Bank of Australia, diluting the value of each US dollar. And Record Gold Prices
bit.ly/30fmZxy $1930.00 per ounce has buoyed the Aussie dollar. As the world’s
third-largest gold producing country, the currency from Down Under has an 80%
correlation with the price of gold. The more people pay for gold, the more
people have to buy the AUD with which to pay for Australian produced gold. Look
for dips as a buying opportunity for the week.
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