AUD/USD pares intraday losses amid weaker USD, down a little around 0.6700 mark – by hareshmenghani AUDUSD China Coronavirus Fed Currencies
ir, however, rebounds a few pips from a three-day low and now seems to have stabilized around the 0.6700 round-figure mark.
The global risk sentiment takes a hit amid the worsening COVID-19 situation in China and drives flows away from the perceived riskier Australian Dollar. In fact, China reported a record-high number of daily infections on Saturday. Moreover, the public discontent and widespread protests over the Chinese government's zero-COVID policy raise concerns about a further slowdown in economic activity.
The November FOMC meeting minutes released last week cemented market bets for a relatively smaller 50 bps rate hike by the US central bank in December. This, along with the flight to safety, contributes to the ongoing downfall in the US Treasury bond yields and drags the USD back closer to the monthly low. The fundamental backdrop makes it prudent to wait for strong follow-through selling before confirming that the AUD/USD pair has topped out.
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