AUD/USD: Mildly bid around mid-0.6600s amid cautious optimism, Australia/US inflation in focus – by anilpanchal7 AUDUSD Inflation RiskAversion RBA Fed
News of a deal for Silicon Valley Bank joins dovish comments from Fed’s Kashkari to lure Aussie pair buyers.
AUD/USD grinds near an intraday high surrounding 0.6650 amid Monday’s sluggish Asian session, portraying a mildly positive sentiment after a week of pessimism and. In doing so, the Aussie pair cheers hopes of easing banking fears while also cheering news suggesting the challenges for the Federal Reserve’s rate hikes.
Previously, Atlanta Fed President Raphael Bostic told NPR that it was not an easy decision to raise the policy rate while also adding that he is not expecting the economy to fall into recession. "Fed has to get inflation under control,” said Fed’s Bostic. Further, St. Louis Federal Reserve President James Bullard, a policy hawk, said on Friday that the response to the bank stress was swift and appropriate, allowing the monetary policy to focus on inflation, per Reuters.
Talking about the data, US Durable Goods Orders for February dropped by 1.0% versus January's fall of 5% and the market expectation for an increase of 0.6%. Details suggested that the figure for Durable Goods Orders ex Defense and ex Transportation were also downbeat but Nondefense Capital Goods Orders ex Aircraft came in firmer-than-expected 0.0% to 0.2%, versus 0.3% prior.
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