Australian Dollar Fails to Maintain Rally Despite Positive Fundamentals

The Australian dollar attempted to rally today but failed and has lost gains versus most of its major rivals by now.

The rally was a response to the generally positive market sentiment that was caused by Friday’s good employment report in the United States. Additionally, the Aussie got support from the news that Australia will be exempt from the US tariffs. US President Donald Trump announced duties of 25% on steel and 10% on aluminum imports, but some countries were exempt, including Canada and Mexico, and now it looks like Australia is also among them.

AUD/USD traded at 0.7857 as of 10:02 GMT after opening at 0.7848 and rising to the daily high of 0.7879. AUD/JPY opened at 83.80, rallied to the high of 84.10 intraday, but has retreated to 83.72 by now.

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