AUD/USD dives to two-month low, around mid-0.7100s amid broad-based USD strength By HareshMenghani AUDUSD Fed Inflation RiskAversion Currencies
The pair extended last week's bearish breakdown momentum through the very important 200-day SMA and witnessed heavy selling for the third successive day on Monday. Expectations for a more aggressive policy tightening by the Fed, along with the risk-off impulse, pushed the safe-haven US dollar to a more than two-year high. This, in turn, was seen as a key factor that continued exerting downward pressure on the AUD/USD pair.
The prospects for rapid US interest rate hikes, along with prolonged COVID-19 lockdowns in China, have raised concerns about slowing global growth and tempered investors' appetite for riskier assets. This, in turn, boosted demand for traditional safe-haven assets, including the greenback. Apart from this, weaker iron ore prices further collaborate to drive flows away from the perceived riskier and the resources-linked aussie.
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