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Market Update: Australian Dollar Gains
The Australian Dollar added 0.002 points or 0.26% to 0.77717 against the US Dollar on Tuesday, as risk sentiment was boosted following the US Federal Reserve’s comments that helped ease concerns over early post-pandemic inflation. Local 10-year rates eased to 2-week lows of 1.642% while US 10-year rates were at 1.598%. Sentiment was further buoyed as cryptocurrency markets stabilized after Tesla CEO Elon Musk tweeted that he was having active discussions with North American Bitcoin miners regarding the sustainability of digital coins. This week, market participants are keenly anticipating US personal consumption, gross domestic product, jobless claims and durable goods data due on Thursday. [/s2If]
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