12:59 PM Sydney
OANDA Australia and Asia Pacific senior currency trader Stephen Innes said that the greenback was due for some profit taking following its strong rally over the past days.
“The Australian dollar also caught the wind in the sails overnight from the surging oil prices,” said Innes. “Profit-taking was also on the cards after the recent sell-off in US treasuries abated and the 10-year yields of the US stabilise.”
“Keep in mind that given just how far the US dollar has surged from last week’s position and squaring ahead of the long weekend in the US, it was expected.”
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