AUD/USD retreats from 200-day SMA barrier, weaker USD limits any meaningful slide – by hareshmenghani AUDUSD Fed Inflation RiskAppetite Currencies
ing in the vicinity of the 0.6700 mark on Tuesday. Spot prices retreat to the lower end of the daily range, around the 0.6680-0.6675 region, though lack follow-through and remain well within a familiar trading band held over the past week or so.
The modest intraday pullback, meanwhile, lacks any obvious fundamental catalyst and is more likely to remain cushioned in the wake of the prevailing bearish sentiment surrounding the US Dollar . Speculations that the Federal Reserve has limited headroom to keep raisingand is nearing the end of its rate-hiking cycle drag the USD Index , which tracks the Greenback against a basket of currencies, to a two-month low.
The closely-watched US employment details released on Friday showed that the economy added the fewest jobs in 2-1/2 years in June and indicated that the labor market is cooling. Furthermore. the New York Fed's monthly survey revealed on Monday that the one-year consumer inflation expectation dropped to 3.8% in June - the lowest level since April 2021.
Apart from this, a stable performance around the equity markets further dents the Greenback's relative safe-haven status and should benefit the risk-sensitive Aussie. That said, repeated failures near a technically significant 200-day SMA make it prudent to wait for some follow-through buying before placing fresh bullish bets around the AUD/USD pair.
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