AUD/USD clings to gains near 0.6670 area amid softer USD, upside seems limited – by hareshmenghani AUDUSD ConsumerConfidence RiskAppetite Fed Currencies
vious day. The pair maintains its bid tone through the early part of the European session and is currently placed near the top end of the daily trading range, around the 0.6665-0.6670 area, up nearly 0.50% for the day.
The Australian Dollar gets a goodish lift after domestic data indicated an improvement in consumer sentiment in the wake of the Reserve Bank of Australia's rate-hike pause earlier this month. In fact, the Westpac-Melbourne Institute Consumer Sentiment index bounced from near-record lows and jumped 9.4% to 85.8 in early April, recording its fastest rise since late-2020.
Apart from this, a generally positive tone around the equity markets undermines the safe-haven US Dollar and further benefits the risk-sensitive Aussie. The USD downtick, however, is likely to remain cushioned amid speculations that the Federal Reserve may continue raising interest rates.
In the meantime, the US bond yields will drive the USD demand and provide some impetus to the AUD/USD pair. Traders will further take cues from the broader risk sentiment to grab short-term opportunities. Nevertheless, the fundamental backdrop makes it prudent to wait for strong follow-through buying before confirming that the recent rejection slide from the 100-day Simple Moving Average has run its course.
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