AUD/USD refreshes daily low, seems vulnerable near 0.6725-20 area amid bullish USD – by hareshmenghani AUDUSD Fed Bonds Recession Currencies
The pair is currently placed around the 0.6725-0.6720 region and remains well within the striking distance of its lowest level since early January touched the previous day.regains positive traction and reverses a part of the previous day's sharp retracement slide from a multi-week top, which, in turn, is seen as a key factor weighing on the AUD/USD pair. Growing acceptance that the Fed will stick to its hawkish stance for longer continues to push the US Treasury bond yields higher.
Meanwhile, the overnight optimism led by the upbeat Chinese PMI prints for February fades rather quickly amid looming recession risk. This is evident from a generally softer tone around the equity markets, which lends additional support to the USD and suggests that the path of least resistance for the AUD/USD pair is to the downside. That said, it will still be prudent to wait for sustained weakness below the 0.
Market participants now look forward to the release of the Weekly Initial Jobless Claims data from the US, due later during the early North American session. This, along with the US bond yields and the broader risk sentiment, should influence the USD price dynamics and provide some impetus to the AUD/USD pair.
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