AUDUSD pares daily losses near 0.6700 on RBA Minutes, focus on China data, US PPI – by anilpanchal7 AUDUSD RBA Coronavirus Currencies Fed
pair consolidates the daily loss near 0.6700, down 0.08% intraday at the latest.Minutes, “Board doesn't rule out return to 50bps, or pause.” The publication also mentioned that there is no pre-set path -considered 50bps hike, saw stronger case for 25bps in November.Despite the mixed statements from the RBA Minutes, the market’s sour sentiment keeps the AUDUSD bears hopeful.
That said, the covid fears of China and the tussles between Washington and Beijing, recently over Taiwan, appear to weigh on the risk appetite. Also challenging the mood could be the comments from the Federal Reserve officials. Recently, the Fed’s Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, Michael Barr mentioned that the inflation is too high. Previously, Vice-Chair Lael Brainard favored a 50 bps rate hike but also stated, “We have additional work to do.” Earlier on Monday, Federal Reserve Governor Christopher Waller also promoted the ideal of a 0.50% rate hike while also warning against the market’s perception of the pivot.
Amid these plays, S&P 500 Futures print mild gains but the US 10-year Treasury yields grind higher around 3.87%, which in turn underpinsLooking forward, the monthly prints of China’s Industrial Production andfor October will offer immediate directions to AUDUSD traders. However, the qualitative catalysts, mainly surrounding the coronavirus and the Sino-American tussles, will be more important for a clear guide.
Following that, US Producer Price Index for October, expected at 8.3% YoY versus 8.5% prior, should also be watched carefully to aptly forecast the near-term AUDUSD moves, especially after the recently hawkish comments from the Fed policymakers.Monday’s Doji candlestick joins nearly overbought conditions of the RSI to tease the AUDUSD bears. The pullback moves, however, need validation from July’s low near 0.6680.
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