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  • AUD/USD broke above 0.7200 in the early American session.
  • US Dollar Index fell to fresh multi-week lows near 93.20.
  • Rİsk flows continue to dominate markets on Friday.

The AUD/USD pair turned north in the early American session and rose to its highest level since September 22nd at 0.7218. As of writing, the pair was up 0.68% on the day at 0.7215. With Friday’s upsurge, AUD/USD remains on track to close the second straight week in the green.

USD selloff picks up steam

The heavy selling pressure surrounding the USD on Friday seems to be helping AUD/USD push higher. The US Dollar Index (DXY), which closed the last two days in the negative territory, extended its slide in the last hour and slumped to its worst level in nearly three weeks at 93.20. At the moment, the DXY is down 0.37% on the day at 93.23.

The upbeat market mood is making it difficult for the greenback to find demand toward the end of the week. Reflecting the risk-on market environment, major European equity indexes trade higher on the day and the S&P 500 futures are rising 0.6%.

There won’t be any macroeconomic data releases from the US in the remainder of the day and the risk sentiment is likely to continue to impact the USD’s performance against its major rivals.

Market reaction