The USD/JPY pair maintained its heavily offered tone through the mid-European session and was last seen trading below mid-105.00s or the lowest level since March 16.
The pair extended last week's bearish break below the 106.65-60 strong horizontal support and witnessed some strong follow-through selling on the first day of a new trading week. The downfall was led by the prevalent bearish pressure surrounding the US dollar and concerns about worsening US-China relations.
Investors remain worried that the resurgence in coronavirus cases in the United States could undermine the US economic recovery. This coupled with speculations that the Fed would add more stimulus to support the economy exerted some heavy pressure on the USD and was seen as a key factor dragging the USD/JPY pair lower.
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Australia reports a record trade surplus in May
Australian iron ore exports to China are up
Australian ability to combat the virus makes the Aussie an attractive option
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The USD selling picked up pace during the early European session and lifted the EUR/USD pair closer to mid-1.1400s – highest since March 10.
The pair prolonged its recent positive momentum and gained strong follow-through traction for the fourth consecutive session on Wednesday. The upbeat market mood continued denting the US dollar's relative safe-haven status and was seen as one of the key factors driving the EUR/USD pair higher.
The shared currency benefitted from hopes that European Union leaders may agree on stimulus and deepen fiscal integration to shield the Eurozone economy from the pandemic.
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Fed commitment to keep rates unchanged until 2022.
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The EUR/AUD broke above the long-term key resistance trend line . This could indicate a major bullish reversal.
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