fundamental News - AUD/USD

The Australian and New Zealand Dollars broke out of a tight range to hit three-week highs last week as their U.S. counterpart extended its broad retreat and upbeat data suggested the Australian economy had grown strongly last quarter. The Kiwi just went along for the ride as a dovish central bank and business survey pointed toward a weak economy. On Friday, both currencies suffered small losses as traders squared positions ahead of the weekend.

The Aussie and Kiwi were pressured on Friday as U.S. Treasury yields rebounded after the 10-year rate slipped to 1.53% in the previous session. The move helped stabilize the U.S. Dollar, which had been down most of the week.

The yield on the benchmark 10-year Treasury note rose to 1.587%. The yield on the 30-year Treasury bond climbed to 2.275%. The 10-year Treasury yield recently dropped 1.7%, while the 30-year government bond rate traded above 2.5%, amid concerns about rising inflation.

Housing starts jumped 19.4% month-over-month in March, according the Commerce Department, while building permits rose 2.7%. The University of Michigan’s consumer sentiment index rose in April to 86.5 from 84.9 a month prior.

On Thursday, data from the Commerce Department showed U.S. retail sales jumped 9.8% in March. This was well above the Dow Jones estimate of 6.1% growth. Meanwhile, the Labor Department reported that there were 576,000 new jobless claims filed for the week ended April 10. This was the lowest number of new weekly unemployment insurance claims since March 2020 and well below the 710,000 forecast by economists.



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