AUD/USD stays defensive around 0.6500 as RBA Minutes, China/US statistics loom – by anilpanchal7 AUDUSD RiskAversion RBA China RetailSales
ff the Year-To-Date low near 0.6490 during the early hours of Tuesday’s Asian session. In doing so, the Aussie pair also highlights the pessimism surrounding China, Australia’s biggest customer, before the key Reserve Bank of Australia Meeting Minutes, China Industrial Production and Retail Sales, as well as the US Retail Sales.
On Monday, the New York Fed’s one-year inflation expectations eased to 3.5% for July, down three points by falling to the lowest level since April 2021. New York Fed survey, however, also suggested confidence in positive labor market conditions and economic transition. The looming debt crisis in China and its contagion impact, especially amid the fears that economic recovery in the world’s biggest industrial player fades, weigh on the AUD/USD even if the easing inflation concerns allow market players to remain hopeful. Also challenging the market sentiment and the Aussie pair could be Russia’s firing of warning shots at a warship in the Black Sea and readiness to equip new nuclear submarines with hypersonic missiles.
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