AUD/USD up to 0.9490 as U.S. Dollar Struggles

The Australian dollar hovered near an eight-month peak early on Wednesday, having been swept higher by a short squeeze while an upbeat manufacturing survey helped power sterling to levels not seen in nearly six years.

Both currencies easily outperformed their global peers, leaving the U.S. dollar to eke out small gains on the euro and yen as U.S. Treasury yields rose.

The dollar index drifted up to 79.811 from a two-month trough of 79.740. Against the yen, the greenback edged up to 101.54 from Tuesday’s low of 101.29.


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