AUD / USD hovers near 0.7220 amid rebounding US Treasury yields
- AUD / USD remains moderate Tuesday at the start of European trading hours.
- The losses of the Australian dollar as the upsurge in the delta variant of the coronavirus continues.
- A rise in US Treasury yields is supporting demand for the US dollar.
AUD / USD manages to trade higher on Tuesday morning. The pair extend the gain of the night session, although they face some pressure at the top level.
As of this writing, the AUD / USD is trading at 0.7218, up 0.13% for the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals, rebounds from lower levels amid higher benchmark US Treasury yields.
The greenback remained higher overall following reports that the FDA granted full clearance for the two-dose Pfizer-BioNTech vaccine for COVID-19.
On the other hand, the Aussie lost ground as investors assessed the impact of more than 750 new cases for Sydney and New South Wales.
In the latest development, the Pfizer vaccine would be available to people in Victoria between the ages of 16 and 39 from Wednesday.
Data released on Monday showed that the Commonwealth Bank Services PMI and Commonwealth Manufacturing PMI fell to 43.3 and 51.7, respectively, in August.
It should be noted that S&P 500 futures are trading at 4,437.50, up 0.01% for the day.
For now, traders are waiting for data on existing home sales in the United States to negotiate further trading momentum.