AUD/USD falls towards 0.7070 but in the week gained around 0.15% By christianborjon AUDUSD Majors Macroeconomics RBA Fed
basket, is pairing early day losses, up 0.11%, currently at 103.658, while the US 10-year Treasury yield reached a YTD high around 3.131%.At the beginning of the week, the Reserve Bank of Australia surprised the markets with a 25-bps rate hike, the first since November 2010. Market participants expected a lift-off of 15-bps, to leave rates around 0.25% though the central bank stuck to the 25-bps path.
On Wednesday, the Fed decided to increase the Federal Funds Rates by 50-bps points to the 1% threshold as foreseen by the majority of the economists and announced the quantitative tightening at a pace of $47.5 billion in the first three months, followed by an adjustment capped at $95 billion a month.is not actively considering it. He added that “if we see what we expect to see,” 50-bps increases would be“on the table” at the following couple of FOMC meetings.
On the headline, the AUD/USD immediately surged above the R1 daily pivot at 0.7150, rallying sharply towards the R3 pivot point around 0.7250, and paired some of the last week’s losses.was perceived as a sign of relief that a higher Fed rate hike, probably a 75-bps, brought Fed’s St. Louis President Bullard, did not happen. However, on Thursday, market participants made a U-turn, dumping equities, flighting towards safe-haven assets, and boosting the USD, the JPY, and the CHF.
Therefore, once both central banks’ decisions are in the rearview mirror, the AUD/USD might depreciate in the near to medium term, as money market futures expect the FFR to be around 2% by the summer, contrarily to the
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