AUD/USD erases losses and rallies above 0.7020

By FXStreet FXStreet (Córdoba) – AUD/USD gained momentum after Wall Street opening bell and amid a recovery in commodity prices. The pair initially erased losses and is now trading at the top, testing yesterday’s highs located around 0.7060.

AUD/USD breaks range to the upside

The aussie dropped against the US dollar during the Asian session amid a weak Australian retail sales report falling momentarily below 0.7000. It remained in ranges during the European session and recently broke above 0.7025 and jumped to the upside.

Wall Street opened higher and European stocks extended gains with Draghi’s press conference boosting risk appetite. The latest economic report for the US, showed a better-than-expected reading in the ISM services report but greenback failed to gain momentum versus the aussie.

The US dollar dropped against commodity currencies during the last hours but remains in the positive territory versus its European rivals.
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Source:: FX Street