AUD/USD rises to near 0.6480 as accelerating Fed dovish bets weigh on US Dollar
The AUD/USD pair moves higher to near 0.6480 during the European trading session on Monday. The Aussie pair gains as demand for risk-perceived assets has increased, following an increase in market expectations that the Fed could resume its monetary expansion cycle in the September meeting
The AUD/USD currency pair, commonly known as the “Aussie”, represents how many US dollars (the quote currency) are needed to purchase one Australian dollar (the base currency). Alongside the New Zealand Dollar (NZD) and the Canadian Dollar (CAD), the AUD is considered a commodity currency due to Australia’s significant exports of raw materials such as precious metals, Oil, and agricultural products.
The Reserve Bank of Australia (RBA) has historically maintained higher interest rates compared to other industrialized nations. Combined with the relatively high liquidity of the AUD, this has made the AUD attractive for carry traders looking for higher yields.
SUPPORT 0.64852
SUPPORT 0.65074
SUPPORT 0.65285
RESISTANCE 0.64498
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