AUD/USD reclaims 0.6900 post London fix as US consumer spending drops By christianborjon AUDUSD Majors Macroeconomics Technical Analysis US Inflation Fed
US inflation shows some signs of topping. At the time of writing, the AUD/USD trades at 0.6910 during the North American session.
A risk-off mood struck the financial markets on the last day of the first half of 2022. US equities extend their losses, and the greenback is falling, as shown by the Index slumping 0.39%. Meanwhile, the US 10-year Treasury yield nosedives below the 3% threshold as recession fears increase, as illustrated by the Atlanta Fed’s GDPNow for the Q2 plunges towards -1.0%.reported inflation figures, which showed that it is slowing down. The Personal Consumption Expenditure Price Index for May climbed by 6.3% YoY, less than foreseen, while core PCE, the Fed’s favorite reading for inflation, heightened by 4.
At the same time, the US Department of Labour released the Initial Jobless Claims for the week ending on June 25, which topped above the 228K expected, and rose by 231K.crossed wires. He said policymakers’ job is to find price stability, even during the new forces of inflation, while adding that the US economy is solid and can withstand monetary policy adjustments.
Australia’s economic docket will feature the S&P Global Manufacturing PMI for June. Across the pond, the US docket will reveal S&P Global Manufacturing PMIs alongside the ISM Manufacturing PMI.The AUD/USD remains in a downtrend, though slightly consolidating n the 0.6850-0.6950 range. Further confirmation of the previously-mentioned is the location and slope of the Relative Strength Index , albeit, at negative readings, it is almost horizontal.
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