AUD/USD bears take a breather at two-year low near 0.6450, risk-aversion, US data eyed – by anilpanchal7 AUDUSD RiskAppetite CentralBanks Fed YieldCurve
ession. The quote’s latest weakness could be linked to the broad pessimism amid the GBP/USD pair’s plunge that raised concerns over multiple central bank interventions.
GBP/USD slumped to the all-time low on Monday amid market’s scathing rejection to the new tax-cut measures, fearing more burden on the monetary policymakers and fiscal budget. The same triggered speculations that the needs to intervene to defend the domestic currency, allowing the cable to pare some losses. However, the British central bank refrained from any immediate moves and renewed selling of the Cable.reserves tried to defend the AUD/USD buyers recently but failed amid the risk-off mood.
The sour sentiment pushed market players to demand premium and pushed the Treasury yields towards the north, which in turn joined the hawkish Fedspeak to propel the US dollar and weigh on the AUD/USD prices. On Monday, Chicago Fed National Activity Index weakened to 0.0 in August versus 0.09 market expectations and an upwardly revised prior reading of 0.29. Even so, Boston Fed President Susan Collins said, per Reuters, “Getting inflation down will require slower employment growth, somewhat higher unemployment rate”. Following that, Cleveland Fed President Loretta Mester said on Monday that if there is an error to be made, better that the Fed do too much than to do too little.
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