AUD/USD drops toward 0.6760 support as RBA clues fail to impress bulls but PBoC, Fed signals lure bears – by anilpanchal7 AUDUSD RBA Fed PBOC RiskAversion
AUD/USD prints the biggest daily loss in a month, down for the third consecutive day as it prods intraday low.
AUD/USD bears occupy the driver’s seat around the 0.6800 round figure amid early Tuesday morning in Europe. With this, thepair not only bears the burden of the Reserve Bank of Australia’s unimpressive Minutes but also the downbeat updates from the People’s Bank of China , as well as hawkish concerns about the US Federal Reserve. It should be noted that the market’s cautious mood and a light calendar also favor the risk-barometer pair to print the biggest daily loss in a month, so far.
On the same line, RBA Deputy Governor Michele Bullock also said that the higher rates are the only tool the RBA has to curb inflation. The policymaker, however, also said that the employment and economy need to grow below trend for a while. With the rate cuts, the PBoC backs the market’s fears of China’s slower economic recovery and the downward growth forecasts from the top-tier banks, including Goldman Sachs and JP Morgan.
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