- AUD / USD is gaining ground against the backdrop of a strong recovery in global risk sentiment.
- The nervousness of the coronavirus continues to benefit from the safe haven status of the US dollar and has plateaued the increase.
AUD / USD traded with a slight positive bias during the Asian session, although there was no solid follow-up beyond the middle of 0.6000.
The pair has gained positive traction on the first day of a new trading week and, for now, appears to have broken four consecutive days in a losing streak amid a satisfactory recovery in global risk sentiment.
A drop in the number of deaths from COVID-19 boosted investor confidence and the same was evident from the solid gains in the US equity futures, which provided a slight increase in the perceived aussie as more risky.
However, lingering concerns about the economic fallout from the coronavirus pandemic continue to benefit the safe haven status of the US dollar and have proven to be one of the key factors limiting earnings.
Market concerns were further fueled by the monthly US employment report released on Friday, which showed that the economy lost 701,000 jobs in March and the unemployment rate climbed to 4.4%. against 3.5% previously.
Therefore, it will be prudent to wait for solid follow-up purchases before confirming that the recent withdrawal of levels beyond the 0.6200 mark is already over and positioning for any other positive movement.
In the absence of any major economic publication on the market, developments surrounding the coronavirus saga could continue to influence price dynamics in USD and give a significant commercial boost.