Friday, October 2, 2015

AUD/USD retreats from 1-week highs, holds above 0.7000

FXStreet (Córdoba) - AUD/USD rose during the European session to 0.7083 and reached the strongest level since September 22. Afterwards tested the highs several times but failed to break higher and pulled back.

During the American session retreated despite lower-than-expected economic data from the US. Recently fell to 0.7045 and it was trading at 0.7050, up 0.50% for the day.

AUD/USD up on better sentiment

The pair is rising for the second day in a row and is about to post the highest close in more than a week and traded most of the day above 0.7000. During the Asian session, dropped to 0.6998 but then turned to the upside, with strength enough to break above the 0.7035/40 area that capped the upside during the previous three trading days.

The PMI report from China came slightly above expectations, showing potential signals that activity could rebound; at least it stopped the decline. The better tone weakened the US dollar against commodity currencies on Asian hours but now is gaining momentum as stocks in Wall Street turn negative.
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