AUD/USD tumbles to two-year lows below 0.6450 on risk-off impulse – by christianborjon AUDUSD Majors Currencies Fed Recession
The AUD/USD began trading at around 0.6515 before hitting the day’s high at 0.6537. But as sentiment continued sour, the major fell toward a fresh two-year low at about 0.64426, breaking below the May 20, 2020 low of 0.6452. At the time of writing, the AUD/USD is trading at 0.6444 below its opening price.Worldwide recession fears have augmented since the US Federal Reserve hikedby 75 bps last week.
Earlier, the Boston Fed’s President Sussan Collins said that the unemployment rate needs to get higher for the Fed to achieve its inflation objective. Collins added that she would like “clear and convincing signs” that inflation is cooling while saying that “a significant economic or geopolitical event could push our economy into a recession as policy tightens further.”
Analysts at Westpac lowered the AUD/USD exchange rate target from 0.6900 to 0.6500. “That means that over the remainder of 2022, there will be periods when the AUD will trade below the USD0.65 level given the high
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