The week was positive for the greenback. The US dollar index managed to set new highs near $93.50.
AUD/USD: forecast for July 24-2
The weakness of the US currency made AUD/USD leap higher. Better-than-expected economic data from China contributed to the increase. Australian labor market figures were also bright: there was the second highest one-month employment gain since 2011. The minutes of the Reserve Bank of Australia’s July meeting showed that the regulator sees the necessity of higher rates. In this positive environment, the pair’s small retreat by the end of the week was caused just by the massive profit taking and not by some bad things.
This is Forex trading plan for Thursday, May 24…
It seems like the rally of the greenback has ended. On Monday, the US dollar index tested levels near $94, however, closed below $93.50.
Last week was highly positive for the US dollar, so, it managed to end the Friday’s trading above 93.50.