AUDUSD Tumbles To Over 1-Month Low On Massive Dollar Strength

Published on Jan 16, 2024 14:01

The Australian dollar is pressured on the downside on Tuesday tracking massive dollar strength overseas and uptick in US treasury yields. Reduced expectations of a Federal rate cut anytime soon coupled with safe haven demand amid geo-political tensions is supporting the greenback. The dollar index that measures the greenback against a basket of currencies is quoting at 102.72, up 0.55% on the day. AUDUSD pair is currently seen at 0.6629, down by over 1% and at its lowest level in more than a month. The neighboring New Zealand dollar also shed 1.25% to 0.6169 against the US dollar. Meanwhile, data earlier in the day showed Australia`s Consumer Confidence, released by the Melbourne Institute, declined by 1.3% compared to the previous increase of 2.7%.