The Fed’s hawkish outlook, a softer risk tone underpinned the USD and exerted pressure.The AUD/USD pair
The pair witnessed some follow-through selling for the second successive day on Thursday and extended this week's sharp retracement slide from the highest level since June 2021, around the 0.7660 area. The US dollar stood tall near a two-year high touched on Tuesday amid the Fed's hawkish, which, in turn, was seen as a key factor that exerted downward pressure on the AUD/USD pair.
The Fed's aggressive plans, along with fading hopes for a diplomatic solution to end the war in Ukraine, weighed on investors' sentiment. This was evident from a fresh leg down in the equity markets, which further benefitted the safe-haven buck and drove flows away from the perceived riskier Australian dollar. That said, retreating US Treasury bond yields capped the upside for the greenback.
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