AUD/USD recovers early lost ground amid modest USD slide, remains below mid-0.6500s – by hareshmenghani AUDUSD RiskAppetite Bonds Fed Currencies
Retreating US bond yields and a positive risk tone prompts some profit-taking around the USD.Thepair attracts some dip-buying near the 0.6500 psychological mark on Tuesday and builds on its steady intraday ascent through the first half of the European session. Spot prices, however, lack bullish conviction and currently trade around the 0.6540-0.6535 region, nearly unchanged for the day and below a multi-day high touched earlier today.
That said, growing worries about slowing global economic growth, particularly in China, and fresh US-China tensions might cap any optimism in the markets. It is worth recalling that data from China recently showed that the world's second-largest economy underperformed in April.
Market participants now look to the release of the Conference Board's US Consumer Confidence Index, due later during the early North American session. This, along with the US bond yields and the broader risk sentiment, will influence the USD price dynamics and produce short-term trading opportunities around the AUD/USD pair. The focus will then shift to
Governor Philip Lowe's speech, the monthly Australian consumer inflation figures and the official Chinese PMI prints, due during the Asian session on Wednesday.
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