AUD/USD steady climbs closer to mid-0.6600s, upside potential seems limited – by hareshmenghani AUDUSD RBA Fed Recession Currencies
nce March 10. Spot prices build on the steady intraday ascent through the early European session and climb to a four-day high, closer to mid-0.6600s in the last hour.
Traders opt to lighten their bets ahead of this week's key central bank event risks, which, in turn, is seen as a key factor pushing the AUD/USD pair amid relatively thin liquidity conditions on the back of a holiday in Europe. The Reserve Bank of Australia is scheduled to announce itsdecision on Tuesday. This will be followed by the outcome of the highly-anticipated two-day FOMC meeting on Wednesday.
The upside for the AUD/USD pair, however, seems limited amid a modest US Dollar strength, bolstered by the prospects for another 25 bps lift-off by the Federal Reserve . Apart from this, looming recession fears drive some haven flow towards the Greenback and act as a headwind for the risk-sensitive. Furthermore, weaker Chinese manufacturing data released on Sunday might contribute to capping the AUD/USD pair.
In fact, the official Chinese Manufacturing Purchasing Managers' Index , released on Sunday, declined to 49.2 in April from 51.9 in March. The data comes amid worries about economic headwinds stemming from rising borrowing costs and tempers investors' appetite for riskier assets, which is evident from the cautious mood around the equity markets. This warrants some caution before placing bullish bets around the AUD/USD pair., due later during the early North American session.
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