AUD/USD slumps below 0.7000 amid risk-off sentiment, and China's Covid-19 restrictions By christianborjon AUDUSD Majors Macroeconomics Technical Analysis
The market mood remains negative, as shown by USrecording substantial losses amidst a high US bond yield Treasury environment as traders question whether the Fed would be able to tackle inflation without spurring a recession. Alongside China’s continuing Covid0-19 crisis, which already hurt PMIs, and its exports added a pinch of salt to the already battered global economic slowdown. Also, the Ukraine-Russia jitters remained in the backdrop as market players await a resolution of the conflict.
said that he sees two or three 50-bps increases as a baseline but reiterated that he is open to adjusting. Bostic added that risks are two-sided, and the economy could go multiple ways. He said 75-bps rate hikes are not his baseline, but he’s not taking anything off the table. The Atlanta Fed Q2 GDPNow tracker reduced the expectations of US growth from 2.0% to 1.8%.
On the Australian side, Business and Consumer Confidence, Retail Sales, and RBA’s Bullock speech could shed some light regarding the Australian economy., the US economic docket would reveal on Tuesday, Retail Sales, followed by Wednesday’s inflation figures and Friday’s Consumer Sentiment. As global economic growth threatens to be disrupted by China’s Covid-19 zero-tolerance policy and central bank tightening, AUD/USD traders need to be aware of the previous-mentioned data.
The AUD/USD first support would be June 2020 swing low at around 0.6776. Break below would expose the May 2020 swing highs around 0.6616. Once cleared, the next support would be 0.6500.
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