AUD Finds Footing as Oil Retreat Weakens USD

The Australian Dollar recovered some ground against the US Dollar on Thursday after a 0.25% rate hike by the Federal Reserve on Wednesday.

The AUD/USD pair trades at 0.7110, bouncing off the confluence of the 50- and 100-day SMAs.

A potential de-escalation of the Middle East conflict boosted market mood, causing oil prices to decline and weakening the Greenback due to its close correlation with oil.

The US Dollar Index (DXY) is down 0.10% at 100.23, a day after the Fed raised rates for the first time in three years.