AUD/USD sticks to strong gains near mid-0.7200s, moves little post-US Retail Sales By HareshMenghani AUDUSD RiskAppetite RetailSales Fed Currencies
Following an early dip to the 0.7180 region, the AUD/USD pair attracted fresh buying on Wednesday and built on the previous day's modest bounce from the two-week low. Hopes for a diplomatic solution to end the war in Ukraine, along with the Chinese government's promise to support stability in the
market, boosted investors' confidence. This, in turn, prompted aggressive intraday selling around the safe-haven US dollar and benefitted the perceived riskier aussie.front, the US Retail Sales growth decelerated sharply and climbed 0.3% in February as against the 0.4% anticipated. Excluding autos, core retail sales also fell short of market expectations and recorded a modest rise of 0.2% during the reported month.
Investors also seemed reluctant to place aggressive bets and preferred to wait for the outcome of a two-day FOMC monetary policy meeting. The Fed is scheduled to announce its decision later during the US session and kick start the policy tightening cycle. Investors will also look for fresh clues about the pace of future interest rate hikes.
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