AUD/USD justifies risk aversion, downbeat China data and RBA Minuets as bears eye 0.6650 – by anilpanchal7 AUDUSD RBA Fed China RiskAversion
unchanged at 2.75%, per the latest update, which in turn prods the AUD/USD buyers. Additionally, the Chinese central bank also released its quarterly economic report stating that China's economy isn’t experiencing deflation and that economic growth is set to rebound sharply. However, downbeat prints of China data supersede the price-positive signals for the Aussie pair. It should be noted that China Industrial Production grew 5.9% for April versus 10.9% expected and 3.
On a different page, the White House announced a meeting between President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy to overcome the looming US default. Ahead of the event, the US policymakers appear somewhat optimistic about extending the debt ceiling limit before the June expiry.
Against this backdrop, S&P 500 Futures dropped 0.30% intraday even as Wall Street closed positive and the yields remain pressured, which in turn shows the market’s indecision and awaits the important data/events for clear directions.US Retail Sales for April, expected at 0.7% MoM versus -0.6% prior. Following that, the talks between US President Biden and House Speaker McCarthy to avoid debt expiration will be crucial to watch as the deadline for US default looms, recently brought forward to the first week of June. It’s worth observing that Wednesday’s quarterly prints of the Australia Wage Price Index for the first quarter and Aussie employment numbers for April will also entertain the Aussie pair traders.
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