Australian Dollar Attempts to Keep Rising, Fails

The Australian dollar rose earlier today, extending yesterday’s rally, on the back of the positive market sentiment. Yet the currency has retraced its gains by now.

Fears of trade wars receded after the United States and China agreed to make various concessions to avoid conflict. The USA put tariffs on China’s goods on hold, while China reduced import duty on passenger cars. Yet US President Donald Trump came under criticism for concessions he made as members from both US parties were saying he is ceding too much.

AUD/USD edged up from 0.7579 to 0.7590 as of 12:27 GMT today, touching the high of 0.7605 intraday. EUR/AUD was down from 1.5548 to 1.5488 intraday before bouncing back to 1.5541.

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