The AUD/USD continues to drop further toward the 50-day moving average (DMA) after failing to crack the 0.6500 figure on Tuesday, which exacerbated the pair´s drop, as it trades at 0.6410, losses 0.40%, past the mid-North American session.
AUD/USD takes a hit, dropping 0.40% and struggling to hold the 0.6500 level as Federal Reserve officials hint at no end to rate hikes. U.S. Treasury yields fall, yet the Dollar rebounds from two-month lows, signaling a cautious market as traders eye Fed Chair Powell's upcoming speech. Despite RBA's rate hik and hawkish outlook, the Aussie Dollar fails to rally, with the market anticipating the end of RBA's tightening cycle ahead of the SoMP release. Australian Dollar retreats to 0.
On the Australian front, the Reserve Bank of Australia lifted rates 25 bps, and despite delivering a hawkish statement, as they assume inflation would likely remain high for a longer period, market participants estimate the RBA ended its tightening cycle. After the RBA’s meeting, the AUD/USD has been on the defensive, falling more than 1.45%, erasing close to a 100-pips of the gains accumulated last week.
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