AUD/USD breaks below 0.6700, hits the lowest level since June 2020 amid stronger USD – by hareshmenghani AUDUSD Fed Recession China Currencies
also marks the third day of a negative move in the previous four and drags spot prices to the lowest level since June 2020, around the 0.6670 area during the first half of the European session.released earlier this Friday, resurgent US dollar demand turns out to be a key factor exerting downward pressure on the AUD/USD pair.
In fact, the markets have been pricing in the possibility of a full 100 bps rate hike at the upcoming FOMC meeting on September 20-21. Moreover, the US central bank is further expected to deliver another supersized 75 bps rate increase in November. This, along with the risk-off impulse, drives haven flows towards the buck and weighs on the risk-sensitive aussie.
The prospects for rapid interest rate hikes, along with economic headwinds stemming from COVID-19 lockdowns in China and the protracted Russia-Ukraine war, have been fueling recession fears. This, in turn, tempers investors' appetite for riskier assets, which is evident from a fresh leg down in the equity markets and tends to benefit the safe-haven greenback.confirms a fresh breakdown below the 0.6700 round figure. A subsequent fall below the previous YTD low, around the 0.
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