The continuation of the sell-off in the greenback lent legs to the broader risk-linked assets and propelled AUD/USD to the area of multi-session peaks well north of the 0.6500 hurdle on Wednesday.
AUD/USD rose sharply, well past the 0.6500 hurdle. The renewed selling pressure in the dollar keeps the pair bid. Australian GDP matched estimates in Q4. Extra losses in the US Dollar came in line with an equally strong pullback in US yields across the curve amidst steady speculation about the timing of the Federal Reserve's first interest rate cut, expected in June. Further weakness in the greenback emerged after Chair J.
Also limiting the downside potential of the pair is the cautious stance of the Reserve Bank of Australia, as it remains one of the last major central banks to start considering interest rate cuts. In terms of data releases from Australia, the GDP Growth Rate expanded by 0.2% QoQ in the October–December period and 1.5% over the last twelve months. AUD/USD daily chart AUD/USD short-term technical outlook Next on the upside for AUD/USD comes the weekly high of 0.
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