AUD/USD finds hurdles around 0.6660 amid mixed responses on the US banking system AUDUSD Fed RBA Inflation SEO
The US Dollar Index is defending the 103.00 support on expectations that upbeat preliminary S&P Global PMI could fade the expectations of a termination of the rate-hiking spell by the Federal Reserve .jumped to 49.3 vs. the consensus of 47.0 and the former release of 47.3. While Services PMI accelerated to 53.8 against the estimates of 50.5 and the prior release of 50.6.
Reuters reported on Friday that the data from Federal Reserve shows that deposits at small U.S. banks dropped by a record amount following the collapse of Silicon Valley Bank . Therefore, US authorities have come forward to widen the blanket of support to US mid-size banks by expanding the emergency liquidity facility. This has provided a small time relief, however, the situation is likely to get vulnerable further.
Precautionary moves from US banks in advancing loans to households and businesses have propelled the risk of a US recession. Minneapolis Fed president Neel Kashkari cited on Sunday, “Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the US closer to recession. It definitely brings us closer.
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