AUD/USD eases below 0.6950 amid PBOC inaction, RBA’s Lowe, Fed's Powell in focus By anilpanchal7 AUDUSD RBA Fed PBOC RiskAppetite
That said, the People's Bank of China kept its key monetary policy rates, namely the 5-year and 1-year Loan Prime Rate unchanged at 4.45% and 3.70% respectively during Monday's announcement. The Chinese central bank’s inaction contrasts with the Western policymakers hawkish bias but fail to put a bid under the AUD/USD prices.
However, nearly 10% drops in iron ore prices, Australia’s key export joins the hawkish Fed concerns, not to forget fears of economic slowdown, to weigh on the AUD/USD prices. Also supporting the fears of recession, as well as hawkish Fed bets, were the key US central bank policymakers namely Minneapolis Fed President Niel Kashkari who backed another 75 bps rate hike in July. Furthermore, Treasury Secretary Janet Yellen also mentioned her expectations of a slowdown in the economy but ruled out recession concerns.
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