AUD/USD grinds higher past 0.6700 on Credit Suisse news, comments from RBA’s Kent, Fed eyed – by anilpanchal7 AUDUSD RBA Banks RiskAversion Sentiment
RBA’s Kent conveys soundness of Aussie banks, defends rate hike moves.RBA Meeting Minutes, preliminary PMIs for March and FOMC Meeting are the week’s key events to watch for clear directions.
Christopher Kent, Assistant Governor , gave a speech on"Long and Variable Monetary Policy Lags" at the KangaNews Debt Capital Market Summit, in Sydney, early Monday morning in Asia-Pacific. The policymaker initially followed the suit of global central bankers while trying to rule out fears of the US and European banking sector fallout. More importantly, RBA’s Kent said that RBA is very conscious of the challenges facing borrowers from rapid rate rises.
During the last week, the fallout of the US and European banks propelled the market’s move towards the US bond and, which in turn drowned the US Dollar while fuelling the AUD/USD prices. In addition to the downbeat yields, the US Dollar also had to bear the burden of downbeat US inflation and Retail Sales data.
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