AUD/USD bulls flirt with 0.6700 ahead of RBA Minutes, China/US data amid US debt ceiling jitters – by anilpanchal7 AUDUSD RBA FiscalPolicy RiskAversion Macroeconomics
benefits from the market’s cautious optimism due to the US debt ceiling hopes, as well as upbeat signals from the People’s Bank of China and likely hawkish statements from the RBA.
It’s worth noting that the Aussie pair rose the most in one month the previous day while printing the first daily gains in three amid broad US Dollar weakness, mainly due to the market’s hopes of overcoming the US default and downbeat US data. On Monday, the largest fall US NY Empire State Manufacturing Index since April 2020, to -31.8 for May, joined mixed Fed talks to also weigh on the US Dollar. That said, told CNBC on Monday that there is still a long distance to go on inflation and added that they may have to "go up on rates," as reported by Reuters. Bostic further noted that he will not be looking at cutting until well into 2024 in his baseline scenario.
Elsewhere, the White House announced a meeting between President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy to overcome the looming US default. Ahead of the event, the US policymakers appear somewhat optimistic about extending the debt ceiling limit before the June expiry.
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