AUD/USD prints unimpressive week-start below 0.6600, Australia/US inflation clues eyed – by anilpanchal7 AUDUSD RBA Fed Inflation RiskAversion
AUD/USD defends the previous day’s corrective bounce despite posting muted start of week’s trading.US credit rating downgrade, fears of slowing growth in China joined RBA’s status quo to push AUD/USD toward three-week downtrend.
The Aussie pair’s latest rebound could be linked to the mixed US data and upbeat statements from the Reserve Bank of Australia . However, fears emanating from the US credit rating downgrade by Fitch Ratings and China’s economic worries, despite announcing multiple stimulus measures, prod the Aussie buyers ahead of the key inflation data.
Also notable is the fact that the ISM Manufacturing PMI for July improved a bit but the more important Services PMI dropped for the said month. Additionally, US Factory Orders edged higher for June and so did the second-tier employment-linked data like Nonfarm Productivity and JOLT Job Openings. However, the Q2 Unit Labor Cost eased and troubled favoring the Fed’s September rate hike.
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