AUD/USD marches towards 0.6700 as fears of US banking crisis fade AUDUSD Fed RBA DollarIndex SEO
showed bravery and hiked rates further by 25 basis points despite fears of a banking sector meltdown. However, the further road to inflation containment looks tricky.
The investing community is split about whether the Federal Reserve will keep policy unchanged or will continue its policy-tightening spell. As per the CME Fedwatch tool, more than 50% of investors are advocating for the maintenance of a status quo by the Federal Reserve in its May monetary policy meeting as tight credit conditions approach by US banks would actively weigh on US inflation. The approach has heavily impacted the USD index.
Although Australian households are going through a rough phase, weak retail demand is music to the ears for the Reserve Bank of Australia . The central bank has been working on softening Australian inflation, which is extremely stubborn and not responding well to higher interest rates.has already pushed the Official Cash Rate to 3.60%. Going forward, the monthly Consumer Price Index will remain in the spotlight, which is scheduled for Wednesday.
The asset has delivered a sharp break above the 20-period Exponential Moving Average at 0.6659, which indicates sheer momentum in the Australian Dollar. In addition to that, the Relative Strength Index has climbed above 60.00, which indicates that the bullish momentum has been activated.
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