AUD/USD bounces off weekly lows, firmly around 0.6950 By christianborjon AUDUSD Majors Macroeconomics Fed Technical Analysis
eserve monetary policy decision. After reaching a weekly low near 0.6850, the AUD/USD bounces off those lows and is trading at 0.6950 during the North American session.European and US equities record gains, portraying the market’s risk-on impulse. Nevertheless, the greenback stays in positive territory, up by 0.05%, at 105.525, erasing earlier losses that witnessed the DXY dipping below the 105.000 mark. US Treasury yields dropped, as traders prepared for the FOMC’s decision.
Data-wise, in the North American session, May’s US Retail Sales missed monthly expectations and decreased by -0.3% MoM, lower than April’s downward revision to 0.7%. However, excluding autos and gas, it rose 0.1% MoM but trailed the previous month’s figure. At the same time, June’s NY Empire State Manufacturing Index rose to -1.2, worse than estimations but better than the -11.6 May reading.
During the Asian session, Australia’s Westpac Consumer Confidence Index for June rose by 86.4, lower than the 90.4 expected. “The survey detail shows a clear picture of a slump in sentiment being driven by rising inflation; an associated lift in interest rates; and a loss of confidence around the economic outlook, both here and abroad,” according to the report. Later in the day, the Fair Work Commission granted a $40 per week or 5.2% increase in Australia’s minimum wage.
That said, the major’s first support would be 0.6900. Break below will send the pair towards June 14 low at 0.6850, which, once cleared, could pave the way and tumble the AUD/USD to the YTD low at 0.6828.
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