AUD/USD stays firmer past 0.6600, focus on RBA’s Lowe, China’s Covid conditions – by anilpanchal7 AUDUSD RiskAppetite RBA Fed Coronavirus
In doing so, the Aussie pair also takes clues from the softer US Dollar while struggling to justify the Covid woes in Australia’s largest customer, namely China. Firmer prints of the weekly ANZ-Roy Morgan Consumer Confidence and hopes of better trade ties with China also seemed to have underpinned the AUD/USD pair’s latest rebound.
It’s worth ANZ-Roy Morgan consumer confidence rose 1% in the latest week, its second consecutive weekly rise, and is now slightly above the 4-week average, stated Reuters. On the other hand, the Financial Times mentioned, “The first bilateral meeting between the leaders of China and Australia since 2016 raised hopes that acrimonious tensions between the countries might be easing, leading to the eventual lifting of trade sanctions imposed by Beijing.
On the same line were recently softer US data and comments from the United States Federal Reserve policymakers. of Cleveland President Loretta Mester said in a CNBC interview, “I think we can slow down from 75 at the December meeting.” Previously, Atlanta Federal Reserve President Raphael Bostic also turned down the 75 bps move and challenged the DXY bulls. Additionally, downbeat prints of the Chicago Fed National Activity Index for October, to -0.05 compared to 0.
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