The AUD/USD pair attracts fresh buyers near the 0.6400 round-figure mark on Tuesday and builds on its steady intraday ascent through the early part of
the European session. Spot prices recover further from the lowest level since November 2022 touched on Friday and climb to a multi-day peak, closer to mid-0.6400s in the last hour.
A modest recovery in the global risk sentiment, bolstered by hopes for more stimulus from China, prompts some selling around the safe-haven US Dollar and benefits the risk-sensitive Australian Dollar . The USD is further weighed down by a mildly softer tone surrounding the US Treasury bond yields. That said, the prospects for further policy tightening by the Federal Reserve should act as a tailwind for the US bond yields and the Greenback.
It is worth recalling that the markets have been pricing in the possibility of one more 25 bps Fed rate hike move by the end of this year. The incoming US macro data continued to point to an extremely resilient economy and should allow the Fed to keep interest rates higher for longer. The hawkish, in turn, pushed the yield on the benchmark 10-year US government bond climbed to its highest level since 2007 on Monday and favours the USD bulls.
Apart from this, concerns about the worsening economic conditions in China should keep a lid on the optimism and the China-proxy Aussie. This, along with bets for another on-hold decision by the Reserve Bank of Australia in September, might hold back traders from placing aggressive bullish bets around the AUD/USD pair. Hence, it will be prudent to wait for strong follow-through buying before confirming that spot prices have bottomed out.
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