AUD/USD continues its two-day slump pierces 0.7160 By christianborjon AUDUSD Majors Macroeconomics UnitedStates
yields, with the 10-year benchmark note above 1.70%, the highest since April 2021. At the time of writing, exchanges hands at 0.7161.In the meantime, US Initial Jobless Claims for the week ending on January 1, 2022, rose by 207,000 more than the 197,000 estimated by economists. The 10,000 increase of claims on the first week of the year impacted the 4-week average, which topped 204,500, higher than the 199,750 in the prior week.
That said, on Wednesday, the US central bank revealed on its December minutes that monetary policy accommodation was not needed and that a faster reduction of its QE program was required before hiking rates. Also, Fed policymakers began discussions of a contraction of its balance sheet, which was perceived by a hawkish signal by the markets, with investors selling stocks aggressively. At the same time, US T-bond yields rose, with the 10-year hitting the highest level since April 2021.
Furthermore, US money market futures have priced in an 80% chance of a rate hike in the March 2022 meeting. In the meantime, the US Dollar Index, which measures the buck's value against six rivals, is barely flat at 96.16.The AUD/USD daily chart depicts the pair as bearish biased, as the daily moving averages reside above the spot price, with a downslope acting as dynamic resistance levels.
The AUD/USD first support level would be the 0.7100 psychological level. A breach of the latter would send the pair tumbling towards the December 20, 2021, cycle low at 0.7082.
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