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Australian Dollar Trades Above 8-Month Lows

ForexJul 22, 2021 12:31
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© Reuters.

By Oliver Gray

Investing.com - The Australian Dollar stabilized around 0.735 against the US Dollar in APAC trade on Thursday, lifting from 8-month lows touched in the previous session, with local data providing some relief as market participants continue to monitor worsening coronavirus outbreaks across the country.

New South Wales added a record 124 fresh COVID-19 cases, while Victoria reported 26, the highest daily figure this year. South Australia added 2 cases, while Queensland health authorities moved shut its borders with New South Wales in order to ease restrictions.

Among data, the National Australia Bank’s quarterly business survey released today showed confidence easing slightly but remaining near record highs, while business conditions lifted for the 4th consecutive quarter to fresh record levels. However, the survey only partially captures recent coronavirus related lockdowns.

Investors will also look towards preliminary Services and Manufacturing PMI readings due to be released on Friday for clues on how protracted lockdowns have affected the economic recovery.

Australian Dollar Trades Above 8-Month Lows
 

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