AUD/USD drops on China covid woes and hawkish Fed speakers supporting USD – by fx_ross AUDUSD China Fed Currencies
AUD/USD fell at the start of the week as China's covid spread, lockdowns and protests drive investors into safe havens. The Federal Reserve speakers on Monday fanned the flames of risks of higher for longer. AUD/USD is flat as we approach Tokyo but is at risk of updates relating to China's coronavirus spread, subsequent lockdowns and protests thereof.
Looking ahead, comments from Fed Chair Jerome Powell on Wednesday will be scrutinised closely by investors looking for fresh signals on further tightening. This will come ahead of the end of the week's potential showdown even in the key US Nonfarm Payrolls data. Bullard also said today that a ''tight labour market'' gives the Fed a ''license to pursue a disinflationary strategy.
Zoomed in on the same time frame, we can see that the price is correcting at support having broken 0.6650. Should resistance hold, at old support, then there will be prospects of yet another bearish impulse for the sessions ahead. The 0.6580s guard 0.6550 and then 0.6500.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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