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Title: AUD/USD stages modest recovery after edging lower toward 0.7300

Aug 10, 2021 11:20:21 AM GMT

By: AnalysisWatch

The AUD/USD pair dropped to its least level in almost fourteen days at 0.7316 on Tuesday yet figured out how to organize an unassuming bounce back in front of the American meeting. As of composing, the pair was up 0.14% on the day at 0.7342.

Prior to the day, the information from Australia uncovered that the National Australia Bank's (NAB) Business Confidence Index declined to - 7 in July from 11 in June. This perusing missed the mark regarding the market assumption for 15. Also, the NAB's Business Conditions Index tumbled to 11 from 24 and made it hard for the AUD to discover requests.

Meanwhile, the US Dollar Index (DXY) kept on pushing higher in the wake of shutting the past two exchanging days in the positive domain and arrived at its most grounded level in almost three weeks at 93.10. Right now, the DXY is sticking to little everyday gains at 93.04, not permitting AUD/USD to expand its recuperation.

Later in the day, the Nonfarm Productivity and the Unit Labor Costs information for the second quarter from the US will be viewed for the new force. All the more significantly, Cleveland Fed President Loretta Mester and Chicago Fed President Charles Evans will convey addresses.

On Wednesday, Westpac Consumer Confidence Index information for August will be highlighted in the Australian financial agenda.

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