AUD/USD spikes to one-week top, beyond 0.6800 mark amid broad-based USD weakness – by hareshmenghani AUDUSD Fed China RBA Currencies
t prices currently trade with strong intraday gains of over 0.80% and remain well supported by the prevalent US Dollar selling bias.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, drifts lower for the third straight day and retreats further from a two-week high touched on Tuesday. A general consensus that the Federal Reserve is nearing the end of its current policy tightening cycle is seen as a key factor weighing on the Greenback.
The downside for the USD, however, seems limited as the Fed left the door open for one more rate hike in September or November. It is worth recalling that Fed Chair, speaking at the post-meeting press conference, said that the economy still needs to slow and the labour market to weaken for inflation to credibly return to the 2% target. The comments follow the widely expected decision to hike interest rates by 25 bps, to the 5.25%-5.
Furthermore, the softer Australian consumer inflation figures released on Wednesday strengthen the case for the Reserve Bank of Australia to pause future rate hikes. This, along with China's economic woes, could act as a headwind for the China-proxy Aussie. The National Bureau of Statistics reported that profits at China's industrial firms contracted by 16.8% in the first half from a year earlier in the wake of waning demand at home and abroad.
Hence, it remains to be seen if bulls are able to capitalize on the move beyond the 0.6800 round figure or opt to take some profits off the table ahead of the important US macro data. Thursday's US economic docket features the releases of the Advance Q2
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