AUD/USD clings to gains above mid-0.6600s as traders keenly await Powell’s speech – by hareshmenghani AUDUSD RiskAppetite Fed Bonds Currencies
The risk-on impulse undermines the safe-haven buck and benefits the risk-sensitive Aussie.The AUD/USD pair
gains strong positive traction on the last day of the week and moves away from a nearly three-week low, around the 0.6600 round-figure mark touched on Thursday. The pair stick to its intraday gains through the early North American session and is currently placed around the 0.6655-0.6660 region, just a few pips below the daily high.
A positive risk tone prompts some profit-taking around the safe-haven US Dollar , especially after the recent bullish run to a nearly two-month high, and turns out to be a key factor benefitting the risk-sensitive Aussie. The latest optimism over the potential of lifting the US debt ceiling boosts investors' confidence and remains supportive of a further rise in the equity markets.
In the meantime, worrying signs about global economic growth, particularly in China, could act as a headwind for the Australian Dollar. In fact, data released from China this week showed that the world's second-largest economy underperformed in April.
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