AUD/USD kisses 0.6900 as USD Index extends losses, RBA and FOMC minutes hog limelight AUDUSD Fed RBA PBOC SEO
landed higher at 6.4% than the projections of 6.2%, Producer Price Index released at 6.0% higher than the consensus of 5.4%. And, the release of the monthly Retail Sales data at 3.0% against the consensus of 1.8% was the last nail in the coffin, which cleared that consumer spending is gaining traction.
A note from Goldman Sachs states the investment banking firm expects the U.S. Federal Reserve to raise interest rates three more times this year, lifting their estimates after data pointed to persistent inflation and a resilient labor market, as reported by Reuters.This week, the release of the minutes from the Reserve Bank of Australia and Federal Reserve’s and Federal Reserve will lead from the front for the power-pack action in the Aussie asset.
The minutes from the Reserve Bank of Australia policy announced in the first week of February resulted in a ninth consecutive interest rate hike to 3.35%. Inflationary pressures in the Australian economy have not softened yet amid solid consumer spending, which is bolstering the case of hawkish guidance on the monetary policy.
Later this week, Australia’s Labor Cost Index data will remain in focus. The economic data is seen at 3.4% vs. the prior release of 3.1% on an annual basis. And, the quarterly data is seen lower at 0.7% against the prior release of 1.0%.AUD/USD has negated the downside break of the Head and Shoulder chart pattern formed on a four-hour scale.
The Relative Strength Index has rebounded into the 40.00-60.00 range, which indicates that the asset is no more bearish now.
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