AUD/USD remains depressed below 0.6700 mark, hovers around 50-day SMA – by hareshmenghani AUDUSD Recession Fed RiskAppetite Currencies
ntains its offered tone through the first half of the European session and is currently placed just below the 0.6700 mark, with bears flirting with the 50-day Simple Moving Average .
Concerns about a global economic slowdown resurfaced on Thursday following the release of the mixed Chinese inflation figures and weaker US labor market report, which, in turn, is seen as a key factor weighing on the risk-sensitive Aussie. The US Dollar , on the other hand, is seen consolidating the previous day's strong gains to over a one-week high and draws some support from a modest uptick in the US Treasury bond yields.
The uncertainty over the Federal Reserve's next policy move is holding back the USD bulls from placing aggressive bets. In fact, the US CPI report released earlierpointed to signs of easing inflationary pressure and could allow the US central bank to pause its year-long rate-hiking cycle. Investors, however, remain divided over the possibility of rate cuts later this year.
remains on track to end the week in the red and reverse a major part of its gains recorded over the past week or so.
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