AUD/USD remains depressed below 0.6700, just above daily low amid modest USD strength – by hareshmenghani AUDUSD CPI RBA Fed Currencies
ins its offered tone through the early North American session and is currently placed near the lower end of its daily range, around the 0.6670-0.6660 region.
The Australian Dollar started losing ground in reaction to the softer-than-expected domestic consumer inflation figures, which fuels speculation that the Reserve Bank of Australia could pause its rate-hiking cycle at the April meeting. In fact, the Australian Bureau of Statistics reported that the headline CPI decelerated from the previous month's reading of 7.4% to 6.8% in the year to February, marking the slowest rise since June 2022.
Apart from this, the prevalent risk-on mood - as depicted by a strong opening rally around the US equity markets - could cap gains for the safe-haven buck and lend some support to the risk-sensitive Aussie. This, in turn, makes it prudent to wait for strong follow-through selling before positioning for any further depreciating move for the AUD/USD pair.
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