The Australian dollar rallied intraday during the current trading session but failed to maintain gains and is trading near the opening level now.
Market analysts argued that the reason for the gains were the rally of Chinese stocks. The Shanghai Stock Exchange Composite Index climbed 0.92% today, rising above the psychologically important level of 2,800. The Aussie rallied on the news initially but retreated afterwards, likely because traders were cautious ahead of today’s policy announcement from the Federal Reserve.
AUD/USD traded at 0.7259 as of 8:44 GMT today after opening at 0.7250 and rising to the daily high of 0.7283. EUR/AUD opened at 1.6221, fell to the daily low of 1.6151 but bounced to 1.6214 later.
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Australian Dollar Fails to Keep Gains Ahead of Fed Decision
