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AUD/USD stalls recovery near 0.6540, focus shifts to Australian jobs

  • AUD/USD stalls recovery as USD rebounds with Treasury yields.
  • Broad commodities sell-off weighs on the resource-lined AUD.
  • Eyes on US and Australian coronavirus stimulus package for fresh directives.

Having stalled its steady recovery near 0.6540 region, AUD/USD is paring back gains amid broad-based US dollar rebound and sell-off in oil and gold prices.

At the time of writing, the Aussie trades at 0.6510, up 0.06%. The risks remain skewed to the downside also amid the risk-off action in the US stocks, as the US economic stimulus package to counter the coronavirus impact continues to disappoint while markets remain wary over the rising coronavirus case worldwide.

The main catalyst behind the latest decline in the spot can be attributed to the rebound in the US dollar across its main competitors, as it tracks the renewed uptick seen in the US Treasury yields across the curve after the recent crash.

Further, tumbling oil prices, in the face of a bigger-than-expected increase in the US crude stockpiles and downward revisions to 2020 global oil demand growth forecasts, and weaker gold prices also weigh negatively on the commodity-currency, the AUD.

The focus now remains on the US and Australian coronavirus relief package for a fresh direction on the prices. In the meantime, the cautious sentiment around the Aussie will remain prevalent.

AUD/USD technical levels to watch

 

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