AUD/USD grinds near mid-0.6500s amid cautious markets, US debt limit deal in focus – by anilpanchal7 AUDUSD RiskAversion FiscalPolicy Politics Fed
ir justifies its risk barometer status amid fresh challenges to the sentiment emanating from the US and China, as well as due to the return of the full markets.
Monday’s off in multiple markets restricted the reaction to the much-awaited US agreement on the debt ceiling extension. Even so, theextends Friday’s downbeat performance amid firmer sentiment. However, some of the policymakers on both sides are against the compromises cited to reach the deal and hence raise doubts about its passage through the House and Senate during its voting on Wednesday and before June 05 deadline.
“A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week,” said Reuters. Apart from the US debt ceiling deal, the recent tension between Washington and Beijing also seems to prod the AUD/USD bulls. Recently, China turned down the US request for a meeting of the Defense Chiefs in Singapore, per the Wall Street Journal ., also prods the Aussie pair buyers even as the Reserve Bank of Australia is also likely to trace the Reserve Bank of New Zealand’s footsteps in announcing the rate hikes.
Amid these plays, markets were pretty quiet amid a lack of major data/events and the close of trading in multiple markets.Building Permits for April and the US housing and mid-tier sentiment figures may entertain the AUD/USD traders. However, major attention will be given to the headlines suggesting the US debt ceiling deal’s passage through Congress before June 05.A convergence of a three-week-old descending trend line and a previous support line from March 10, around 0.
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