AUD/USD steady around 0.6640 ahead of Aussie’s inflation data
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AUD/USD remains at 0.6649, unchanged as Asian session begins. Minneapolis Fed President Kashkari’s comments on rate hikes bolster USD strength. Upcoming Australian CPI data may influence AUD, with potential rise aiding in recovery. The Australian Dollar registered minuscule losses against the US Dollar on Tuesday amid higher US Treasury yields. A softer-than-expected US 5-year Treasury note auction boosted the Greenback, which posed gains versus most other currencies. As the Asian session begins, the AUD/USD trades at 0.6649, virtually unchanged. AUD/USD trades flat as higher US yields and hawkish Fed remarks support US Dollar Fed speakers grabbed the headlines on Tuesday, led by Minneapolis Fed President Neel Kashkari. He said, “I don’t think anybody has totally taken rate increases off the table,” while in a Q&A session, he answered he wasn’t confident about the evolution of the disinflationary process and foresees just two rate cuts. Data-wise, the Conference Board revealed that Consumer Confidence persists after hitting 102.0 from 97.5, the highest print after posting three months of decreases. The lift was primarily driven by improved expectations meaning consumer spending may remain robust in the second half of 2024. Aside from this, US Treasury bond yields jumped on a softer US 5-year T-note auction, with the 10-year note coupon rising seven basis points to 4.548%, a tailwind for the US Dollar. On the Aussie’s front, the schedule would feature the Westpac Leading and the monthly Consumer Price Index (CPI) for April. Analysts estimate prices to fall from around 3.5% YoY to 3.4%, which would maintain the status quo. Otherwise, a rise exceeding expectations could benefit the AUD/USD and push prices toward the March 8 high of 0.6667. AUD/USD Price Analysis: Technical outlook The Aussie Dollar remains upward biased despite retreating from weekly highs of 0.6673, amid forming a ‘gravestone doji,’ which hints…
Filed under: News - @ May 29, 2024 1:18 am