Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Australian dollar soars as RBA holds just as expected
On Tuesday, the Australian dollar revived in Asia right after the latest major bank rate review held steady, thus shrugging off the current account because it dared to widen further than previously expected into deficit.
The currency pair AUD/USD hit 0.7488, climbing up 0.01%, while USD/JPY reached 109.85, sliding 0.56% after Japan posted that in April average cash earnings tacked on 0.5%, unlike a 0.3% profits observed year-on-year.
The currency pair GBP/USD inched up 0.17%, demonstrating 1.2928.
Estimating the greenback’s strength versus six main currencies, the US dollar index went down 0.18%, trading at 96.60.
On Tuesday, the Reserve Bank of Australia issued its latest interest rate verdict and held at a record minimum 1.50%. Previously, Australia posted that the current account extended to a deficit of A$3.1 billion, unlike a surplus of A$100 million observed for the first quarter.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.