AUD/USD pares intraday gains to multi-month top, retreats to 0.6800 amid modest USD uptick – by hareshmenghani AUDUSD Fed Bonds RBA Currencies
800s. The pair trims a part of its intraday gains and retreats to the 0.6800 mark during the first half of the European session.
A combination of factors assists the US Dollar to stage a modest recovery from over a five-month low touched earlier this Monday, which, in turn, acts as a headwind for the AUD/USD pair. Worries about a deeper global economic downturn overshadow the latest optimism over the easing of COVID-19 curbs in China. This is evident from a generally softer tone around the equity markets, which drives some haven flows towards the buck and weighs on the risk-sensitive Aussie.
The upbeat US monthly jobs report released on Friday and an upside surprise in wages point to a further rise in inflationary pressures. The data validatesChair Jerome Powell's forecast that the peak interest rate will be higher than expected and suggests that the US central bank will continue to tighten its monetary policy. This, in turn, is seen pushing the US Treasury bond yields higher.
Traders might also refrain from positioning for a deeper corrective pullback for the AUD/USD pair as the focus now shifts to the Reserve Bank of Australia meeting on Tuesday. Heading into the key central bank event risk, the US ISM Services PMI might provide some impetus to the AUD/USD pair, later during the early North American session on Monday.
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