AUD/USD pokes 0.6900 amid anxiety over unidentified objects, Fed, focus on US inflation, Aussie employment – by anilpanchal7 AUDUSD Inflation Employment Fed China
Anxiety surrounding the “unidentified objects” flying over the US and Chinese airspace gave rise to the market’s cautious mood in addition to the US Federal Reserve talks. Also weighing on the risk barometer pair could be the pre-data mood ahead of the US Consumer Price Index for January, up for publishing on Tuesday.
On the other hand, Philadelphia Federal Reserve President Patrick Harker pushed back the chatters of a Fed rate cut during 2023. However, the policymaker did mention, “Fed not likely to cut this year but may be able to in 2024 if inflation starts ebbing.” Comments from Fed’s Harker were in line with Fedand Richmond Federal Reserve President Thomas Barkin who previously refrained from cheering upbeat US jobs report.
That said, preliminary readings of the US University of Michigan Consumer Sentiment for February rose to 66.4 versus 65.0 expected and 64.9 prior. Further, the UoM noted that the year-ahead inflation expectations rebounded to 4.2% this month, from 3.9% in January and 4.4% in December. “Long-run inflation expectations remained at 2.9% for the third straight month and stayed within the narrow 2.9-3.1% range for 18 of the last 19 months,” stated the UoM.
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