AUD/USD prods pullback from five-week high near 0.6750, RBA’s Lowe, US data eyed – by anilpanchal7 AUDUSD RiskAversion RBA PMI Employment
After 10 consecutive rate increases, the RBA announced the status quo of its current monetary policy with the benchmark rate being 3.60% at the latest. In doing so, the Australian central bank justifies the recent downside of Australian inflation and Retail Sales data while also saying, “Board expects that some further tightening of monetary policy may well be needed.”suggesting recent challenges to the US Dollar’s reserve currency status appear to weigh on the greenback.
Bloomberg released a news report suggesting the US Dolllar’s less acceptance as a reserve currency in Russia while highlighting the greenback’s latest weakness. “Chinese Yuan has surpassed the US Dollar as the most traded currency, in monthly trading volume, for the first time in Russia in February,” said the news while also adding that the gap has continued to widen in March.
In the last week, Brazil and China agreed to pause the US Dollar’s usage as an intermediary in trade transactions. Alternatively, Russian Foreign Minister Sergei Lavrov raised fears of escalating Moscow-Brussels tussle by saying, “The European Union has "lost" Russia.” The policymaker also added that Moscow will deal with Europe in a tough fashion if need be. The US-China tension is also on the spoke as Beijing keeps reiterating its dislike for the US-Taiwan ties but Washington seems to ignore it.
On the other hand, US ISM Services PMI for March and ADP Employment Change for the said month will be important for any sign of recovery of the US Dollar.Despite the latest pullback, the AUD/USD prices remain beyond the 200-DMA support of 0.6745, which in turn suggests the recovery towards a convergence of the 100-DMA and 50-DMA surrounding 0.6805.
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