Crypto
AUD/USD Consolidates Near Mid-May High Amid Mixed Market Conditions
The AUD/USD currency pair continues its upward trend, hovering around 0.7200 at the start of the week. This level marks the highest point since mid-May, and the Australian dollar's strength can be attributed to hawkish expectations from the Reserve Bank of Australia (RBA).
The upbeat US Non-Farm Payrolls (NFP) report has also boosted Fed rate hike bets, which in turn supports the safe-haven US Dollar. This mixed environment is causing the currency pair to consolidate.
Germany's industrial production data for July was released, showing a decline of 1.1% month-over-month (MoM), which fell short of expectations at 0.3%. However, this news has had little impact on the AUD/USD exchange rate.