27.03 - AUD/USD pair passes through 0.6100 amid weakening US dollar
- by George Solotarov
While extending its five-day winning streak, AUD/USD takes the bids to 0.6100 during the early-Friday trading session. The pair benefits from the broad US dollar weakness amid mostly positive risk-tone despite coronavirus (COVID-19) fears. Today’s US House voting on the coronavirus relief package will be the key to watch. The Aussie traders paid a little heed to the record drop in China’s Industrial Profits, down 38.3% YoY, for January-February. The reason could be traced from the US dollar weakness. The US dollar index drops to the fresh low in seven days to 99.22 by the press time.
The US Senate passed a $2 trillion aid package the previous day and there is likely debate over the same around 10:00 GMT before pushing it to the lower House for final voting. It should also be noted that the US Michigan Consumer Sentiment figures for March, expected 90.00 versus 95.9 prior, may offer additional volatility to the pair. Though, the major attention will be given to the political plays as well as coronavirus data for near-term direction.