AUD/USD keeps the red below 0.6700 mark, focus remains on US PCE Price Index – by hareshmenghani AUDUSD RiskAppetite Inflation Fed Currencies
hrough the first half of the European session. Spot prices reverse the previous day's positive move and drop to the 0.6670 area, or a fresh daily low in the last hour. demand on the last day of the week, which, in turn, is seen as a key factor exerting downward pressure on the AUD/USD pair. That said, the prevalent risk-on mood - as depicted by a generally positive tone around the equity markets - could lend some support to the risk-sensitive Aussie.
Apart from this, the uncertainty over the Federal Reserve's rate hike path could act as a headwind for the US bond yields, which might hold back the USD bulls from placing aggressive bets and contribute to limiting losses for the AUD/USD pair. It is worth recalling that the Fed had signalled recently that it might soon pause the rate-hiking cycle. That said, fading risk of bank contagion fueled speculations that the US central bank might shift back to its inflation-fighting rate hikes.
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