AUD Eases Below 0.7200 as Stronger Greenback and Oil Prices Bite
The Australian Dollar (AUD) experienced a slight decline on Thursday, slipping below the 0.7200 mark against the US Dollar (USD). This move came after the AUD/USD pair touched its highest level since mid-May earlier in the week, reaching around 0.7220.
However, Beijing's reported plan to implement a $54 billion stimulus package aimed at supporting its banking and financial sectors has given the AUD a boost. The news is seen as a positive for Australia, its largest trading partner, which tends to benefit from any lift in Chinese growth.
The Reserve Bank of Australia (RBA) has also been supportive of the AUD with a series of hawkish comments from officials. Additionally, rising oil prices have contributed to a firmer US Dollar, pulling the pair away from its recent peak.