AUD/USD holds above sub-0.7000 annual lows for now, even as global equities/commodities crater By Frank_Macro AUDUSD Commodities RiskAppetite Fed
ith the currency momentarily sliding below the $0.7000 level earlier in the day. In doing so, AUD/USD hit fresh lows since late January, though, for now, support in the form of the earlier annual lows is holding up.
Still, at current levels in the 0.7010s, the pair is still trading with on the day losses of about 0.8% on the day and down about 3.5% versus last week’s highs in the mid-0.7200s. The pair has been weighed heavily in recent days by a combination of factors. Firstly, the has been robust amid rising US yields as traders brace for a more aggressive Fed tightening cycle in wake of last week’s hawkish Fed policy meeting.
Secondly, global risk assets have been taking a battering as financial conditions tighten , and as market participants fret about central bank tightening amid high inflation and slowing global growth amid the ongoing Russo-Ukraine war and lockdowns in China. This has, not surprisingly, hit the risk/commodity-sensitiveSo long as the above trends continue, it is likely that the RBA’s recent shift to monetary tightening will be unable to prevent further losses. A break below sub-0.
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