AUD/USD clings to intraday gains above 0.6600 mark, upside potential seems limited – by hareshmenghani AUDUSD Fed Bonds Recession Currencies
A combination of factors should limit the USD losses and cap any meaningful upside for the major.
The RBA’s dovish shift also suggests that the path of least resistance for the pair is to the downside.pair regains positive traction on Thursday and moves further away from a nearly four-month low, around the 0.6570-0.6565 area touched the previous day. The pair maintains its bid tone through the first half of the European session and is currently placed near the daily high, comfortably above the 0.6600 round-figure mark.
The US Dollar eases from over a three-month high and turns out to be a key factor pushing the AUD/USD pair higher. The USD downtick, meanwhile, lacks any obvious fundamental catalyst and is more likely to remain limited amid expectations for more aggressive policy tightening by the Fed.
Market participants now look to the US economic docket, featuring the release of Challenger Job Cuts and the usual Weekly Initial Jobless Claims data later during the early North American session. This, along with the US bond yields and the broader risk sentiment, should influence the USD price dynamics and provide some impetus to the AUD/USD pair.
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