AUD/USD seeks strength to surpass 0.7040, US PMI and Australian Inflation are in spotlight AUDUSD Fed RBA Inflation SEO
The US Dollar Index has recovered after dropping to near 101.50. The USD Index has refreshed its day’s high at 101.61 as investors are supporting the safe-haven assets again amid a decline in the demand for US government. The 10-year US Treasury yields have recaptured the critical resistance of 3.52%. Meanwhile, the S&P500 futures are aiming to recover their morning losses.
A release of the unchanged or higher-than-anticipated Australian inflation data might force the Reserve Bank of Australianto hike its Official Cash Rate further. It is worth noting that the Reserve Bank of Australia is continuously hiking the interest rates to trim inflation, however, the energy prices are continuously ruining the whole plan.
According to the CME FedWatch tool, the odds of a 50 bps interest rate hike have vanished significantly. More than 98% chances are favoring a 25 bps interest rate hike by Federal Reserve chair
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