AUD/USD pares modest intraday gains, trades just above 200 DMA support near 0.6800 – by hareshmenghani AUDUSD Fed Inflation Recession Currencies
ion. Spot prices, however, manage to hold above the 0.6800 mark, representing a technically significant 200-day Simple Moving Average , and remain at the mercy of theIn fact, the USD Index, which tracks the Greenback against a basket of currencies, stands tall near a multi-week high amid the prospects for further policy tightening by the Fed.
It is worth recalling that the US CPI and PPI data indicated last week that inflation isn't coming down quite as fast as hoped. Moreover, the recent upbeat US macro data pointed to an economy that remains resilient despite rising borrowing costs and should allow the US central bank to stick to its hawkish stance. This, in turn, remains supportive of elevated US Treasury bond yields and underpins the buck.
Even from a technical perspective, the AUD/USD pair has been showing some resilience near the very important 200-day SMA support, currently around the 0.6800 mark. This makes it prudent to wait for a sustained break through the said handle before positioning for an extension of the recent pullback from the highest level since June 2022 touched earlier this month.
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