Forex
AUD/USD Slumps on Stronger US Yields
The AUD/USD currency pair experienced a significant swing overnight, rising to 0.7223 before being driven lower by sellers.
The US dollar and yields played a crucial role in this movement, as gains in US yields helped underpin USD buying.
This theme was reinforced by drops in gold, silver, and copper prices, which contributed to the downward pressure on AUD/USD.
As a result, the pair hit 0.7200 just before the New York open and opened down -0.24% early in the day.