The idea that, perhaps, the Australian economy doesn’t need to rely so heavily on China is helping boost sentiment toward the Aussie right now.
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Yesterday, the euro was in the midst of a selloff after the news came out that the ECB is considering policy options to boost stimulus. Today, the euro is recovering a bit from its difficulty related to yesterday’s selloff.
There is a lot going on right now, and some Forex traders are looking for the stability the US dollar offers.
For weeks Mario Draghi has been preparing traders for the possibility of further easing, but recent comments indicate that looser monetary policy might be imminent. As a result the euro is taking a hit, especially against the greenback.
US dollar is still near record lows against some of its major counterparts, but it is eking out some gains ahead of Fed Chair Janet Yellen’s testimony in Congress today.