AUD/USD sticks to modest gains, remains below 0.7100 as traders await FOMC decision – by hareshmenghani AUDUSD Fed Inflation RiskAppetite Currencies
ednesday. Spot prices climb to the 0.7075 region during the early European session, though any subsequent move up is more likely to remain capped ahead of the key central bank event risk.
The Federal Reserve will announce its decision at the end of a two-day meeting on Wednesday and is expected to further moderate the pace of its rate-hiking cycle. Bets for a smaller 25 bps lift-off were cemented by the US wage growth data released on Tuesday, which showed that labor costs increased less than expected in the fourth quarter. The recent US macro data, however, point to a resilient economy and back the case for the Fed to stick to its hawkish stance for longer.
That said, a softer risk tone - as depicted by a mildly negative sentiment around the equity markets - might hold back bulls from placing aggressive bets around the risk-sensitive Aussie. This makes it prudent to wait for a strong follow-through buying before confirming that the AUD/USD pair's pullback from the highest level since June 2022 has run its course. Traders now look to the US macro data - the ADP report, ISM Manufacturing PMI and JOLTS Job Openings - for some impetus.
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