AUD/USD bulls move in, but the bears are lurking amid global economic woes – by fx_ross AUDUSD Currencies China Fed DollarIndex
rise and weigh on commodities. Despite the Chinese best efforts, markets are alarmed by the implications for world growth as the second largest economy and Australia's biggest trade partner struggles with a resurgence of COVID-19 lockdowns and the property crisis. After a monthly meeting, the PBOC lowered the one-year loan prime rate by 5 basis points to 3.65% from 3.7%, while the five-year rate was cut by 15 basis points to 4.3% from 4.45%, reducing the cost of payments on existing loans.
The US two-year Treasury yield has risen by 3% to 3.346% while the 10-year yield climbed 1.68% to 3.04%, implying the yield curve between the two maturities remains inverted, a bearish signal if sustained. This is fuelling a bid on the greenback. Against a basket of currencies, the US dollar was 0.85% higher at 109.09 DXY, not far from the two-decade high of 109.29 touched in mid-July.
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