AUD/USD defies hawkish Fed officials, surges on soft USD and falling bond yields – by christianborjon AUDUSD Majors Currencies
by falling US Treasury bond yields. Federal Reserve officials continued reinforcing their hawkish posture, but investors have ignored it. At the time of writing, the AUD/USD is trading at 0.6726.After falling to weekly lows at around 0.6681, buyers entered the market as the AUD/USD reclaimed 0.6700. On Tuesday, two Fed officials reiterated that the Fed needs to raise rates, coinciding that a recession is not the baseline scenario for both. However, St.
Most US Treasury bond yields dropped, except for the 2-year, which sits at 4.218%, erasing its earlier losses, following Monday’s gains of 10 bps. Hence, the greenback remains pressured, as shown by the performance of a basket of six currencies vs. the US Dollar, namelyAlthough market participants are bracing for a 25 bps rate hike by the Federal Reserve, as shown by the CME FedWatch Tool odds at 86.7% chance, the US Dollar could not extend its gains to three consecutive days.
The US economic agenda featured Housing Starts for March, which decreased by 0.80% MoM after a 7.3% surge in the prior’s month. In the meantime, Building Permits plunged 8.8%, missing estimates of a gain of 1.45%, though figures for February. On the Australian front, China’s data underpinned the Australian Dollar . China’s GDP grew 4.5% YoY in Q1, crushing the latest 2022 quarter of 2.9%. Retail Sales jumped 10.6%, while Industrial Production missed estimates of 4% at 3.9%.
Furthermore, the Reserve Bank of Australia monetary policy minutes showed that the board discussed a possible 25 bps rate hike, though they decided to keep
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