AUD/USD retreats below 0.6700 even as RBA’s Bullock defend buyers, Fed announcements eyed – by anilpanchal7 AUDUSD RBA Recession Fed RiskAppetite
the Aussie pair grinds lower around the two-year bottom marked the last week, close to 0.6680 by the press time.
RBA Deputy Governor Guy Bullock said, “Negative equity position will not affect RBA’s ability to do its job.” His comments were in line with the previous day’s RBA Minutes that showed the policymakers’ readiness for higher rates but also mentioned, “Interest rates have increased quite quickly and were getting closer to normal settings.”chatters, fears of the faster Fed rate hike and hawkish statements from the Federal Open Market Committee also weigh on the AUD/USD prices.
In addition to the hawkish Fed bets, headlines concerning China and Russia also exert downside pressure on the AUD/USD prices. Reuters reported that the Asian Development Bank on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China.
Against this backdrop, the S&P 500 Futures lick its wounds near 3,875 after declining the most in one week the previous day whereas the US benchmark Treasury bond yields retreat from the multi-day high. That said, the US 2-year Treasury yields jumped to the highest level in 15 years while the 10-year counterpart also rose to the 11-year top during the pre-Fed cautious mood.
Moving on, risk catalysts may try to entertain AUD/USD traders amid likely inaction during the pre-Fed anxiety. On a broader front, the Fed’s hawkish rate action needs validation from the upbeat economic forecasts and positive speech from Fed
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