AUD/USD sticks to intraday gains above 0.6700 mark, lacks follow-through – by hareshmenghani AUDUSD China RBA Fed Currencies
tember 13. The pair maintains its bid tone through the first half of the European session and is currently placed around the 0.6715-0.6720 region, just a few pips below the daily peak.
The latest optimism over the easing of strict COVID-19 curbs in China leads to a modest recovery in the risk sentiment and benefits the risk-sensitive Aussie. Furthermore, the Reserve Bank of Australia decided to hike the Official Cash Rate by 25 bps and indicated further rate increases over the period ahead. The combination of aforementioned factors offers some support to the AUD/USD pair, though some follow-through US Dollar buying keeps a lid on any further gains.
Against the backdrop of Friday's upbeat US monthly jobs report, the stronger US ISM Services PMI print on Monday suggested that the economy remained resilient despite rising borrowing costs. This, in turn, fuels speculations that the Fed may lift interest rates more than projected and is seen acting as a tailwind for the greenback.
, featuring the release of Trade Balance data That said, the broader market risk sentiment might still influence the safe-haven USD and produce short-term trading opportunities around the AUD/USD pair.
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