The AUD/USD exchange rate has been tilting upwards in the past few days as investors reposition for the coming year.
It rose to a high of 0.6800 on Wednesday, the highest level since December 15. This price was about 2.50% above the lowest level this month.The Australian dollar drifted upwards in a relatively calm week with no major economic data and market-moving events. Most investors are still in holiday mode, with several large entities closed until the coming year.
The Reserve Bank of Australia , on the other hand, delivered its third straight 0.25% hike in December. Meanwhile, the pair also reacted to the ongoing winding down of Covid-19 restrictions in China. The country, which is still Australia’s biggest trading partner, ended most of its restrictions, including quarantine. Still, analysts believe that China’s slowdown will continue, which explains why the Bloomberg Commodity Index pulled back.The AUD/USD pair tilted upwards in a low-volume environment. As it rose, the pair retested the lower side of the ascending channel shown in blue.
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