fundamental News - AUD/USD

The AUD/USD rose to a fresh 1-week high of 0.7805 during Thursday’s New York session, rebounding from a daily low of 0.7728. The greenback failed to retain its early strength and retreated across the board during the American session weighed by disappointing US jobless claims data and following Fed’s Powell speech. At the same time, the Australian dollar benefitted from the somewhat optimistic mood in markets. On Friday, Australian data includes Home Loans numbers, while in the US a series of economic reports will be published.

AUD/USD is trading in a sideways manner near 0.7773 at press time, marking a weak follow-through to Thursday's 0.60% rise to 0.7778.

The US President-elect Joe Biden unveiled the much-anticipated coronavirus stimulus plan early today, comprising $2,000 in stimulus cheques to Americans, social equity, infrastructure spending, and state and local government funding, and a potential minimum wage of $15 per hour.

However, Biden refrained from confirming the stimulus program's size, which according to media reports released Thursday, is $1.9 trillion.

Biden's stimulus talk has so far failed to elicit a reaction from AUD/USD and other currency pairs. The stimulus announcement was in line with the expectations built in the market place over the past week or so. That explains AUD/USD's dull reaction.


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