AUD/USD Weekly Forecast: No respite for the aussie ahead of

AUD/USD Weekly Forecast: No respite for the aussie ahead of Fed


7/23/2021 3:54:10 PM GMT
Deteriorating economic conditions in Australia hurt the aussie.
Eyes on the US Federal Reserve, as it may hint at tapering.
AUD/USD is set to extend its decline in the upcoming days.
The Australian dollar fell to a fresh 2021 low of 0.7288 against the greenback but managed to recover roughly 100 pips ahead of the weekly close. The recovery was directly linked to decreased demand for the American currency as investors moved into high-yielding assets.
Wall Street had its worst 2021 day on Monday but flirted with record highs on Friday, providing support to the aussie. However, the upside was limited by pandemic developments in Australia. The country has put most of its major cities under lockdown, extending restrictions this week. While the number of cases is minimum when compared to that of other countries, macroeconomic data from June and July indicates renewed trouble for the economy. In this scenario, the pair will likely continue to depend on the demand or absence of it for the US dollar.

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