AUD/USD advances towards 0.6900 despite renewed US Inflation recovery concerns – by Sagar_Dua24 AUDUSD Fed RBA Inflation Employment
AUD/USD is marching towards 0.6900 as investors have ignored signs of recovery in the US Inflation.
The US has warned China if it decides to provide lethal military aid to Russia for its invasion of Ukraine.pair is struggling to extend its upside move above the immediate resistance of 0.6880 in the early Tokyo session. The upside bias for the Aussie asset is still favored as the risk profile is still solid. The major is expected to continue its upside to near the round-level resistance of 0.6900 despite renewed concerns of a rebound in the United States inflation.
S&P500 futures witnessed some losses on Friday and ended the week with mild losses as fresh concerns about a rebound in the US raised red flags for economic recovery. The odds are favoring the continuation of policy tightening by the Federal Reserve as the battle against stubborn inflation is getting complicated. The trading activity is expected to remain light as the US markets are closed on Monday because of President’s Day.
The US ambassador to the United Nations, Ambassador Linda Thomas-Greenfield, said Sunday that China would cross a “red line” if the country decided to provide lethal military aid to Russia for its invasion of Ukraine. This might impact the is looking for a cushion around 103.50 after a perpendicular downside move.
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