The AUD/USD exchange rate has been struggling to rise above 0.6700 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 weak domestic economy and a strong US dollar.
The AUD/USD exchange rate is currently trading at around 0.6690, down from its recent high of 0.6720 in mid-July. The pair has been unable to break through the 0.6700 level, despite the US dollar selling off in recent weeks. This is due to the US dollar’s strength, which has been bolstered by strong economic data and expectations of further rate hikes from the Federal Reserve.
The Australian dollar has been under pressure due to a weak domestic economy. The Australian economy has been struggling with weak consumer spending and a sluggish housing market. This has weighed on the currency, as investors have become increasingly concerned about the outlook for the economy.
In addition, the US dollar has been strengthening due to expectations of further rate hikes from the Federal Reserve. The Fed is expected to raise rates again in September, which could further strengthen the US dollar and put additional pressure on the AUD/USD exchange rate.
The AUD/USD exchange rate is likely to remain under pressure in the near-term, as the US dollar continues to strengthen and the Australian economy remains weak. However, if the US dollar begins to weaken and the Australian economy shows signs of improvement, then the AUD/USD exchange rate could break through the 0.6700 level and move higher.
Overall, the AUD/USD exchange rate has been struggling to rise above 0.6700 in recent weeks, as the US dollar has been selling off. This has offered some relief to the Australian dollar, but it remains under pressure due to a weak domestic economy and a strong US dollar. In the near-term, the AUD/USD exchange rate is likely to remain under pressure, but if the US dollar begins to weaken and the Australian economy shows signs of improvement, then the AUD/USD exchange rate could break through the 0.6700 level and move higher.
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