AUD/USD bulls approach 0.6900 amid China-inspired optimism, focus on RBA Minutes, Fed Powell’s Testimony – by anilpanchal7 AUDUSD RBA Fed RiskAversion PMI
ng hawkish hopes from the Fed to favor the Aussie pair buyers. However, the previously mixed US data and a Juneteenth US holiday limit the quote’s immediate moves ahead of an important week comprising the Reserve Bank of Australia
On the other hand, strong Australian inflation numbers and hopes of witnessing more stimulus from China added strength to the AUD/USD upside. Furthermore, the weekend news suggesting the improvement in the US-China ties and expectations of more stimulus from Australia’s biggest customer, namely China, allow theThat said, the preliminary readings of the University of Michigan Consumer Sentiment Index for June improved to 63.9 from 59.2 prior and market expectations of 60.0.
Alternatively, Fed policymakers have been hawkish of late and challenged the AUD/USD bulls. “Inflation in the US is well above target and the labor market remains very tight,” as per the latest US Federal Reserve Monetary Policy Report to the US Congress, published Friday. The report also mentioned, per Reuters, “Outlook for funds rate is subject to considerable uncertainty.
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Pairs in Focus This Week \u2013 AUD/USD, EUR/USD, USD/JPYGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of June 18th, 2022 here.
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