AUD/USD clings to two-year low above 0.6600 after Fed showdown, Russia-inspired fears – by anilpanchal7 AUDUSD Fed RiskAppetite Ukraine Recession
a volatile day thanks to the Fed and Russia. Also keeping the Aussie pair unchanged is the lack of major data/events onThe US Federal Reserve announced 75 basis points of a rate hike, the third one in a line of such kind, as it wants to tame inflation fears even at the cost of a “sustained period of below-trend growth” and a softening in the labour market. Fedalso signalled that the way to tame inflation isn’t painless ahead.
It should be noted that a snap lockdown in China’s steel hub Tangshan and the Asian Development Bank’s cut in the growth forecasts for developing Asia for 2022 and 2023 also played as the risk-negative catalysts. Amid these plays, Wall Street ended the day on a negative tone while the US Treasury yields also dropped amid the market’s rush for risk-safety, which in turn drowned the AUD/USD prices due to the pair’s risk-barometer status.
Looking forward, AUD/USD traders may witness a lack of major moves as the Fed has played its role. However, risk catalysts surrounding Russia and China might entertain the pair traders ahead of the US session wherein the second-tier numbers may direct intraday moves.Lower line of the four-month-old bearish channel, around 0.6560 by the press time, lures AUD/USD bears unless the prices remain below a two-month-old support line, near 0.6710 at the latest.
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