AUD/USD rallied 21DMA and probing 0.7200 level as buck suffers post-Powell testimony By Frank_Macro AUDUSD Fed Inflation
. Powell’s remarks, made at his renomination hearing before the Senate Banking Committee, were broadly in line with the hawkish tone of the Fed minutes released last week, with Powell referencing plans to lift rates and begin balance sheet reduction in 2022. The lack of surprises seems to have triggered relief in US equities, with tech and rate-sensitive growththe best performers, as well as triggering some profit taking on long dollar positions.
Returning back to AUD/USD price action; the pair now trades higher on the day by about 0.4%, making it one of the better performing G10 currencies alongside with some its risk-sensitive peers including NZD and CAD. Strength in copper , gold , and other commodity prices on Tuesday is helping AUD and its other commodity-sensitive peers, whilst the Aussie is also getting an independent boost from Tuesday’s strong retail sales report. The presence of the 21-day moving average in the 0.
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