AUD/USD slides below 0.6700 as downbeat Aussie PMIs join banking fears, Fed concerns – by anilpanchal7 AUDUSD RiskAversion Fed PMI Macroeconomics
Earlier in the day, preliminary readings of Australia’s S&P Global PMIs for March dropped into the contraction figure of under 50.00 while slipping beneath the market forecasts and prior readings. That said, the Manufacturing gauge slid to 48.7 versus 50.3 expected and 50.7 prior while Services PMI declined to 48.2 from 50.7 previous readings and 49.7 market forecasts.
Apart from the Fed bets, comments from US Treasury Secretary Janet Yellen and Chair of the Basel Committee on Banking Supervision also weigh on the market’s mood and favor the AUD/USD sellers. On Thursday, US Treasury Secretary Janet Yellen said, “China and Russia may want to develop an alternative to the US dollar,” while also showing preparedness for additional deposit actions `if warranted'. On the other hand, the Financial Times said that the head of the world’s top financial regulator, Pablo Hernández de Cos, has called for tighter rules to clamp down on risks spreading from so-called “shadow banks” to other parts of the banking system.
Talking about the data, the US Chicago Fed National Activity Index dropped to -0.19 in February versus 0.0 expected and 0.23 prior. Further, Weekly Initial Jobless Claims declined to 191K for the week ended on March 18, versus 192K prior and 203K market forecasts. It should be noted that the US New Home Sales rose 1.1% in February from 1.8% prior, versus 1.
A daily closing below a two-wee-old ascending support line, around 0.6655 by the press time, becomes necessary for the AUD/USD bears to keep the reins.
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