The AUD is looking to escape the grasps of a bearish trend that we have seen throughout this year: with the assistance of the weakening Greenback, and also what looks to be seen as a positive statement from RBA yesterday morning.
The Australian Dollar had fallen more than 9% against the U.S. Dollar during the 10 months to the beginning of November - thanks to Reserve Bank of Australia interest rate policy, events then saw the currency correct higher.
A glimpse of a recovery in commodity prices and supportive global environment has pushed the AUD/USD back to the 0.72s.
It goes almost without saying the RBA held its cash rate at a record low of 1.5% again in November, citing below-target inflation. The bank wants to see the consumer price index rise sustainably above 2% before raising interest rates.
