The AUD/USD exchange rate has been struggling near the 0.6700 level in recent weeks as the US dollar has been selling off. This has offered some relief to the Australian dollar, which has been under pressure due to a number of factors.
The AUD/USD exchange rate is a measure of how many US dollars it takes to buy one Australian dollar. In recent weeks, the exchange rate has been hovering around the 0.6700 level, which is a level that has been seen as a key support level for the Australian dollar.
The US dollar has been selling off recently, which has provided some relief to the Australian dollar. This is due to the fact that the US dollar is seen as a safe haven currency, and when it weakens, it can provide a boost to other currencies, such as the Australian dollar.
The Australian dollar has also been under pressure due to a number of other factors. These include the ongoing trade tensions between the US and China, which have weighed on global growth and put downward pressure on commodity prices. This has had a negative impact on the Australian economy, as it is heavily reliant on exports of commodities such as iron ore and coal.
In addition, the Reserve Bank of Australia (RBA) has cut interest rates twice this year in an effort to stimulate the economy. This has weakened the Australian dollar, as lower interest rates mean that investors are less likely to invest in the currency.
Overall, the AUD/USD exchange rate has been struggling near the 0.6700 level in recent weeks as the US dollar has been selling off. This has provided some relief to the Australian dollar, which has been under pressure due to a number of factors. However, it remains to be seen whether this relief will be enough to push the exchange rate higher in the coming weeks.
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