AUD/USD dribbles around key support below 0.6900, China PMI, US PCE inflation eyed

AUD/USD seeks fresh clues as bears flirt with seven-week-old support line. Fears of recession exert downside pressure during inactive session. China’s official PMIs for June will be crucial considering the economic slowdown chatters. Fed’s preferred version of inflation to be eyed closely amid increasing hawkish bets. AUD/USD holds onto the previous day’s bounce off important … Read more

AUD/USD rebound eyes 0.6945 hurdle on strong Australia Retail Sales, Fed’s Powell in focus

AUD/USD picks up bids to extend corrective pullback from intraday low. Australia Retail Sales rose past expectations to reprint 0.9% growth for May. Sluggish sentiment challenge recovery moves ahead of the key data/events. Powell needs to defend hawkish expectations from the Fed to keep USD bulls happy. AUD/USD bounces off intraday low to snap a … Read more

Policy support aims to boost credit than lowering interest rates

In an exclusive interview conducted by China Global Television Network on Monday, People’s Bank of China (PBOC) Governor Yi Gang said that the central bank’s monetary policy support prioritizes boosting credit over cutting interest rates lower, per Bloomberg. Key quotes “Will continue to be accommodative to support economic recovery in an aggregate sense.” China’s “real … Read more

AUD/USD drops towards 0.6900 amid offbeat mood ahead of US/Aussie data

AUD/USD extends the previous day’s pullback from weekly top, stays pressured around intraday low. Market sentiment dwindles amid fears of recession, lack of major catalysts challenge momentum traders. Australia’s business sentiment gauge dropped for the second month, China rejects expectations of heavy stimulus. RBA rate hike expectations ease ahead of Wednesday’s Aussie Retail Sales, US … Read more

S&P cuts Australia’s 2022 GDP forecast to 3.6% from 4% previous

In its latest economic assessment for the Asia-Pacific region, S&P Global offers a dire growth outlook. The global rating agency has cut Australia’s 2022 GDP forecast while revising the RBA’s policy expectations. Key quotes “Growth is easing in the region as export demand softens in line with an expected slowdown among major global expansion.” “However, … Read more

AUD/USD settles around 0.6940s on a weak US dollar

The AUD/USD reports minimal gains of 0.03% on Monday. Higher global bond yields shifted Wall Street sentiment mixed, a headwind for the AUD. AUD/USD Price Forecast: Range-bound but skewed to the downside. The AUD/USD seesaws from daily highs around 0.6958 printed during the Asian session towards daily lows near 0.6910, in a narrow trading range … Read more

AUD/USD remains on the defensive, holds comfortably above 0.6900 amid modest USD weakness

AUD/USD kicked off the new week on a weaker note, though lacked follow-through selling. The recent slide in commodities, Chinese economic woes acted as a headwind for the aussie. The risk-on impulse generald the safe-haven USD and helped limit losses for the major. The AUD/USD pair struggled to capitalize on Friday’s goodish rebound from sub-0.6900 … Read more