Weakening US Dollar and Firm Commodity Prices Take AUD at US72 cents

  • Jul 31, 2020 AEST
  • Team Kalkine

AUD/USD hit a high of 0.7214 due to continued dollar sell-off and record rally of gold, which is one of Australia’s top exports metal. Dollar strength is under question due to:

  • Resurgence of coronavirus cases in US, accelerating Us-China tensions, dismal data, record drop of ~33% in US GDP in Q2 and concerns on recovery.
  • Republicans and Democrats have made less stride towards a coronavirus relief package even an expanded federal jobless aid is expected to terminate.


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