16.02 - AUD/USD edged higher on Tuesday
The AUD/USD pair retreated around 30 pips from one-month tops and refreshed daily lows in the last hour, albeit lacked any follow-through selling. The pair built on its recent strong positive move witnessed over the past two weeks or so and gained some follow-through traction through the first half of the trading action on Tuesday. The prevalent risk-on environment undermined the US dollar's safe-haven demand and was seen as a key factor that benefitted the perceived riskier Australian dollar.
The global risk sentiment remained well supported by the progress in vaccination for the highly contagious coronavirus disease. This, along with expectations for a massive US fiscal spending plan, further fueled optimism about a strong global economic recovery and boosted investors' confidence, which was evident from the ongoing rally in the equity markets.
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