AUD/USD plummets below 0.6600 as mood dampened, buoyant US Dollar – by christianborjon AUDUSD Majors Macroeconomics
deaths during the weekend, as authorities eased some restrictions. Hence, speculators seeking safety bolstered the US Dollar amid growing concerns about reimposing lockdowns. The AUD/USD is trading at 0.6590 after hitting a daily high of 0.6683.Wall Street denotes investors’ worries about China being hit by a Covid outbreak, extending its losses in the day. A light economic calendar in the United States witnessed thefalling to negative territory in October, to -0.05 from 0.17 in September.
During the last week, a slew of Federal Reserve officials expressed the need to ease the pace of interest rate hikes but mentioned that they’re not pausing. St. Louis Fed President James Bullard said rates are not “sufficiently restrictive” and foresees the Federal Funds rate to peak at around 5% to 6%.noted that the supports slowing the rhythm of interest-rate increases and foresees 75 to 100 bps additional tightening to the FFR.
Aside from this, an absent Australian economic calendar leaves AUD/USD traders leaning on market sentiment, battered by China‘s news. It should be noted that the People’s Bank of China kept the Loan Prime Rate unchanged at 3.65%, while Iron Ore prices added another piece of the puzzle that is weighing on the Australian Dollar.will cross wires on Tuesday, delivering a speech at the Annual Committee for Economic Development of Australia Dinner.
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