AUD/USD rises above 0.6700 amidst a soft US Dollar, falling US bond yields AUDUSD Majors Macroeconomics
US Dollar weakened on falling UST Bond yields after soft jobs datacontinues to be the main driver after the banking crisis woes eased. The financial markets narrative shifted back to central banks, though not inflation but regulation. However, Federal Reserve officials like Boston Fed President Susan Collins and Richmond’s Thomas Barkin crossedBoston Fed Susan Collins said that getting inflation low justifies no rate cuts. She added that the.
. Therefore, the AUD/USD has been underpinned by a probable shift in the US central bank monetary policy stance, though inflation data is waiting to be released on Friday. showed that the labor market is cooling off, with Initial Jobless Claims for the last week exceeding estimates. At the same time, the US Gross Domestic Product for Q4 2022 was 2.6%, below forecasts of 2.7%.
On the Australian front, the latest inflation report surprised the market, as inflation was lower than expected. There are growing rumors amongst financial analysts that the Reserve Bank of Australia could pause rate hikes in the next week.The AUD/USD is bracing for the 20-day Exponential Moving Average , at 0.6696, consolidating within a narrow 70 pip range during the last three trading days.
If the AUD/USD breaks upwards, it will face resistance at the 50-day EMA at 0.6753, followed by the 100 and the 200-day EMAs at 0.6771 and 0.6821, respectively. On the other hand, the AUD/USD first demand level would be the March 24 low at 0.6625, followed by the 0.6600 figure.
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