AUD/USD pares weekly losses around 0.6800 as markets brace for Fed Chair Powell’s Testimony – by anilpanchal7 AUDUSD Fed RiskAversion RBA China
It’s worth noting that the market sentiment remains dicey and allows the risk-barometer AUD/USD pair to lick its wounds near the lowest levels in a week despite the hawkish Fed signals and the risk-negatives headlines surrounding China. Additionally important to note is the hawkish Minutes of the Reserve Bank of Australia versus the People’s Bank of China’s rate cut and cautious remarks of RBA Assistant Governor Michele Bullock.
On the same line line, downbeat prints of Australia’s Westpac Leading Index for May, to -0.27% versus -0.03% prior, also keeps the AUD/USD bears hopeful. It should be noted that sentiment soured after the People's Bank of China cut two key lending rates and Medium-term Landing Facility rate for the first time in almost a year.
That said, US Housing Starts jumped to the highest level since April 2022 by rising 21.7% MoM in May versus -2.9% recorded in April and -0.8% market forecasts. On the same line, Building Permits were also upbeat for the said month, up 5.2% MoM versus -5.0% expected and -1.4% previous readings .
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