AUD/USD clings to gains comfortably above 0.6700 ahead of US data, Powell’s speech – by hareshmenghani AUDUSD CPI China Fed Currencies
. The pair is currently placed near the top end of its daily trading range, around the 0.6720-0.6725 region, and remains well supported by the emergence of fresh selling around the US Dollar.
The prospects for a less aggressive policy tightening by the Fed and bets for a relatively smaller 50 bps rate hike in December exert some pressure on the US Treasury bond yields. This, along with signs of stability in the financial markets, weighs on the safe-haven greenback and offers support to the risk-sensitive Aussie. The intraday uptick, meanwhile, seems rather unaffected by softer Australian consumer inflation figures and Chinese PMI. rose 6.
The disappointing data, however, was offset by speculation that the Chinese government will scale back its strict anti-COVID policies to prevent more protests. That said, concerns about economic headwinds stemming from a new COVID-19 outbreak in China should keep a lid on any optimism in the markets.
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