63 F
New York

AUD/USD Bulls Hold Ground Despite Gap Lower on Open

Related

Forex Attack Teamhttps://forexattack.com
The Forex Attack Team researches and publishes thought-provoking news, analysis, and opinion pieces on the global financial markets. We provide in-depth coverage of forex, commodities, and indices.

AUDUSD opens the week with a downside gap to 0.6932, currently around 0.6939, from Friday’s close near 0.6942. It only took about an hour for the bulls to push upward and fill the gap.

Coronavirus, US-China tensions limit the upside

Recent coronavirus (COVID-19) updates in America have seen hospitalizations in Texas post record highs for seven straight days, with a rise by 291 to 8,181 on Sunday. Even worse, the pandemic numbers coming out of the US have exceeded 50,000 cases per day every day in July and are at record numbers. US President Donald Trump last week claimed the surge in the figures is a result of massive testing, an assertion that medical professionals contest.

Compounding issues, the US and China remain at odds over trade and other issues, and the tension has been increasing. China’s passage of the Hong Kong security law has increased the strain. A White House official recently said more punitive measures would be coming soon.

The Reserve Bank of Australia’s (RBA) monetary policy meeting on Tuesday will be the key for this week. The reason being the Australian dollar’s strength and the surge in the virus numbers at home, Melbourne cases the biggest in three months.

- Advertisement -

More articles

RBA Maintains Current Policy Settings

At its meeting today, the Reserve Bank of Australia Board decided to maintain its current policy settings. This includes targets for the cash rate...

Bitcoin Drops Overnight on Heavy Volume

Over the past several days Bitcoin (BTC) has been climbing steadily upward. The cryptocurrency heavyweight hit a 2020 high of $12,134.29 (according...

US GDP Leads What to Watch For Today

Markets are bracing for what could be record poor US GDP numbers. Consensus is contraction in the range of 30%, however the...

Federal Reserve Monetary Policy Decisions for July 2020

In its most recent release on monetary policy, the Federal Reserve committed to using its full range of tools to support the U.S. economy....

Latest Articles

RBA Maintains Current Policy Settings

At its meeting today, the Reserve Bank of Australia Board decided to maintain its current policy settings. This includes targets for the cash rate...

Bitcoin Drops Overnight on Heavy Volume

Over the past several days Bitcoin (BTC) has been climbing steadily upward. The cryptocurrency heavyweight hit a 2020 high of $12,134.29 (according...

US GDP Leads What to Watch For Today

Markets are bracing for what could be record poor US GDP numbers. Consensus is contraction in the range of 30%, however the...

Federal Reserve Monetary Policy Decisions for July 2020

In its most recent release on monetary policy, the Federal Reserve committed to using its full range of tools to support the U.S. economy....

Bitcoin Price Hits Highest Level Since 2019

The price of bitcoin is up sharply today on a weaker US dollar. At the time of writing, BTC is up more than 9%....