AUD/USD sticks to modest gains near mid-0.6600s, upside potential seems limited – by hareshmenghani AUDUSD RiskAppetite Fed Bonds Currencies
A positive risk tone prompts some USD profit-taking and benefits the risk-sensitive Aussie.Investors look forward to Fed Chair Jerome Powell’s speech for some meaningful impetus.attracts fresh buyers on Friday and reverses a major part of the overnight slide to the 0.6600 neighbourhood, or a nearly three-week low. The pair sticks to modest intraday gains through the early European session and is currently placed near the top end of its daily range, around mid-0.6600s.
The US Dollar pulls back from its highest level since March 20 and turns out to be a key factor lending support to the AUD/USD pair. A generally positive tone around the equity markets prompts some profit-taking around the safe-haven buck and benefits the risk-sensitive Aussie.
In fact, Dallas Fed President Lorie Logan said on Thursday that the economic data points so far don’t justify skipping a rate increase at the next policy meeting in June. This comes on the back of the recent hawkish comments by several Fed officials and forces investors to scale back their bet for rate cuts later this year.
This, in turn, keeps the US Treasury bond yields elevated, which, along with Thursday's better-than-expected US macro data, should continue to act as a tailwind for the USD. Apart from this, worrying signs about global economic growth, particularly in China, should further benefit the Greenback's relative safe-haven status. In fact, data from China this week showed that the world's second-largest economy underperformed in April.
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