17 Feb 2015
AUD/USD rises above 0.7800
FXStreet (Córdoba) - AUD/USD rose back above 0.7800 after pulling back to 0.7780 and printed a fresh 1-week high at 0.7828. The pair remains near daily highs as the US dollar and the yen tumble across the board.
During the Asian session the Reserve Bank of Australia release the minutes of the last meeting when they cut the benchmark interest rate. According to the document a sustained further depreciation of the Australian dollar would stimulate growth in the economy and put some temporary upward pressure on inflation.
“The less dovish RBA minutes sent AUD/USD to 0.7810. With more short covering expected AUD/USD’s focus will be on resistance at 0.7845 and key barrier 0.7882”, said Peter Rosenstreich, Head of Market Strategy at Swissquote.
The pair holds a bullish tone for the day, as the US dollar remains weak, trading at daily lows as European stock markets recover.
During the Asian session the Reserve Bank of Australia release the minutes of the last meeting when they cut the benchmark interest rate. According to the document a sustained further depreciation of the Australian dollar would stimulate growth in the economy and put some temporary upward pressure on inflation.
“The less dovish RBA minutes sent AUD/USD to 0.7810. With more short covering expected AUD/USD’s focus will be on resistance at 0.7845 and key barrier 0.7882”, said Peter Rosenstreich, Head of Market Strategy at Swissquote.
The pair holds a bullish tone for the day, as the US dollar remains weak, trading at daily lows as European stock markets recover.