AUD/USD surges to nine-week high on SVB and Fed-led risk-on mood – by anilpanchal7 AUDUSD RiskAppetite Fed Inflation Employment
st inaction could be linked to its struggle to overcome the five-week-old descending resistance line amid the broadly risk-on mood, as well as the US Dollar weakness.
While portraying the mood, S&P 500 Futures bounced off a 2.5-month low, up nearly 1.60% around 3,960 by the press time. It’s worth noting that the Asia-Pacific equities trade mixed as they’re yet to overcome Friday’s bond andA new term for China’s President Xi Jinping keeps the Sino-American tension on the table as he said earlier on Monday that they must resolutely oppose the interference of external forces, 'split' of Taiwan.
However, the US Treasury Department, Federal Reserve and the Federal Deposit Insurance Corporation took joint actions to tame the risks during the weekend. While reacting to the US regulators’ actions, US President Joe Biden said, “American people and American businesses can have confidence that their bank deposits will be there when they need them.”
The fallout of the SVB and Signature Bank flagged fragile conditions of the US banks, which in turn pushed back hopes of more rate hikes from the US Federal Reserve . With this in mind, Goldman Sachs expects to rate hike in March while the Fed Fund Futures also cut previously upbeat odds favoring a 0.50% rate lift in the Fed rate in March.Looking ahead, Tuesday’s US Consumer for February to direct immediate market moves.
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