The AUD/USD pair remains on the backfoot near the crucial support of 0.6400 as investors await for Federal Reserve (Fed) Chair Jerome Powell’s remarks on interest rates and the outlook on the US economic performance in the fourth quarter of 2023.
AUD/USD drops close to 0.6400 amid caution ahead of Powell’s speech. Fed Powell may deny rate cuts in the near term as robust retail demand and stable labor market. The Australian Dollar faced pressure as the Chinese economy shifted intodeflation. The S&P500 opens on a cautiously positive note as investors worry about the Fed’s guidance on the last monetary policy meeting of 2023.
The impact of inflation data would be light as one more inflation report will be released before December’s monetary policy meeting. Meanwhile, the Australian Dollar faced pressure as the Chinese economy shifted into a deflation in October. The annual deflation rose by 0.2% against 0.1% as expected. Producers cut prices of goods and services at factory gates due to weak consumer spending.
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