The AUD/USD pair remains under selling pressure and drops below 0.6400 during the early Asian session on Wednesday. The pair is weighed by the negativ
e sentiment and a decline in commodity prices. The pair currently trades around 0.6394, losing 0.03% on the day., a measure of the value of the USD relative to a basket of foreign currencies, hovers around 106.17 after retreating from the highest level since November of 106.26.
On Tuesday, the US Consumer Confidence released by the Conference Board for September rose by 103.0 from 108.7 in August. The data indicated the impact of higher interest rates and concerns about the political environment. The Building Permits came in at 1.541M in August versus 1.443M prior. Additionally, the House Price Index for July climbed to 0.8% MoM from 0.4% in the previous reading, better than expected at 0.5%. New Home Sales dropped -8.7% in August from an 8% increase in July.
The Federal Reserve decided to hold the interest rate unchanged in the 5.25% to 5.50% range last week. In terms of macroeconomic predictions, most members still expect further rate rises later this year. MinneapolisPresident, Neel Kashkari stated on Tuesday that he is one of the fed policymakers who sees one more rate hike this year. He added that US rates probably have to go a little bit higher and be held there for longer, to cool things off.
On the other hand, the Aussie attracts some sellers due to risk aversion. The release of Australian Consumer Price Index data will be a closely watched event. The release of the Reserve Bank of Australia's Minutes on the September monetary policy meeting revealed that additional tightening may be necessary if inflation proves more persistent than anticipated. But the case for maintaining the status quo was stronger.
Price Index, the Fed's preferred measure of consumer inflation, due on Friday. The annual figure is expected to drop from 4.2% to 3.9%. Traders will take cues from the data and find trading opportunities around the AUD/USD pair.
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