AUD/USD consolidates its recent heavy losses to the lowest level since April 2020 – by hareshmenghani AUDUSD Fed Bonds Recession Currencies
The US dollar buying remains unabated for the fifth successive day, which, in turn, forces the AUD/USD pair to extend last week's rejection slide from the 0.6540-0.6550 supply zone. Against the backdrop of the robust US jobs data, the overnight hawkish comments by Fed Vice Chair Lael Brainard reaffirmed bets for a more aggressive policy tightening by the US central bank.
Brainard reiterates the Fed’s commitment to bring inflation down and triggers a fresh leg up in the US Treasury bond yields. In fact, the benchmark 10-year US Treasury note climbs back closer to the 4% threshold. This, along with the prevalent risk-off mood, continues to act as a tailwind for the safe-haven greenback and weighs on the risk-sensitive aussie.
Investors remain concerned in the wake of growing worries about a deeper global economic downturn amid rapidly rising borrowing costs. Apart from this, a further escalation in the Russia-Ukraine conflict and fresh US-China trade jitters take a toll on the risk sentiment. This is evident from a weaker tone around the equity markets and driving haven flows.on the daily chart are now flashing slightly oversold conditions.
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