AUD/USD bulls move in for the kill but bears are lurking ahead of RBA AUDUSD RBA Currencies Fed DollarIndex
AUD/USD´s bearish pennant is still in play.
The data on Monday added to the narrative that the Federal Reserve is near the end of its rate-hike cycle. March manufacturing ISM dropped 1.4pts in March to 46.3, its lowest reading since May 2020. ´´A weakening trend has been in place since May last year , but recent banking turmoil may have dented confidence further,´´ analysts at ANZ Bank said.
Meanwhile, the Reserve Bank of Australia will be the highlight for today in Asia. ´´We expect a 25bp hike in the cash rate from the RBA today, but the decision will be finely balanced,´´ analysts at ANZ Bank said. ´´ Looking at the four data releases Governor Lowe highlighted as guiding the decision, we see ongoing resilience: unemployment fell back to 3.
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