Forex
AUD Edges Higher Amid US Bond Yield Rebound
The Australian Dollar (AUD) has edged higher against the US Dollar (USD), despite recent weakness in some key economic indicators. The upward move is supported by a rebound in US bond yields and US Treasury policy actions, which have renewed short-term demand for the greenback.
Auditors of the AUD/USD pair note that bullish momentum remains intact above key moving averages, with a projected 5-day range of $0.7124 to $0.7196 and overbought signals indicating a risk of pullback.
The US Treasury's plan to double its long-end bond buyback operations has contributed to the upward move in the AUD/USD pair, despite stronger-than-expected jobless claims data and weak Australian PMIs. The near-term ceiling stands at $0.7166, with support at $0.7139.