AUD/USD trades with modest losses around mid-0.6700s, focus remains glued to US CPI – by hareshmenghani AUDUSD RiskAppetite Fed Inflation Currencies
ugh lacks follow-through. Spot prices trade with a mild negative bias, just above mid-0.6700s during the early part of the European session, down less than 0.10% for the day.
A generally softer tone around the equity markets lends some support to the safe-haven US Dollar , which, along with concerns over Chinese economic growth, turn out to be a key factor undermining the risk-sensitive Aussie. The downside for the AUD/USD pair, however, remains cushioned, at least for the time being, warranting some caution for aggressive bearish traders and positioning for any meaningful slide.
, indicating that some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable time. The Federal Reserve , on the other hand, is expected to pause its year-long rate-hiking cycle, which acts as a headwind for the USD and lends support to the AUD/USD pair.
The markets, meanwhile, have also started pricing in the possibility that the US central bank will start cutting interestlater this year. This, in turn, suggests that the path of least resistance for the buck is to the downside and supports prospects for the emergence of some dip-buying around the AUD/USD pair. Traders, however, might prefer to wait for the release of the latest US consumer inflation figures before placing fresh bets.
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