AUD/USD remains depressed below 0.6400 mark, seems vulnerable to slide further

The AUD/USD pair meets with some supply on the first day of a new week and trades with a mild negative bias through the early part of the European ses

AUD/USD kicks off the new week on a softer note and is pressured by a combination of factors.Bets for one more Fed rate hike in 2023 underpin the USD and contribute to a mildly softer tone.meets with some supply on the first day of a new week and trades with a mild negative bias through the early part of the European session. The pair is currently placed just below the 0.

A smaller rate cut by the People’s Bank of China signals limited policy support for the economy despite worries about a deepening crisis in the domestic property sector. This, in turn, continues to weigh on investors' sentiment, which is evident from a generally weaker tone around the equity markets, and undermines the risk-sensitive Australian Dollar . Apart from this, a bullish US Dollar is seen as another factor exerting some downward pressure on the AUD/USD pair.

In fact, the USD Index , which tracks the Greenback against a basket of currency, holds steady just below its highest level in more than two months in the wake of hawkish Federal Reserve expectations. It is worth recalling that the minutes of the July 25-26 FOMC meeting showed that policymakers continued to prioritize the battle against inflation. Moreover, the incoming US macro data point to an extremely resilient economy and support prospects for further tightening by the Fed.

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