AUD/USD grinds above 0.6500 on hawkish RBA’s Lowe ahead of China PMI, Aussie inflation – by anilpanchal7 AUDUSD RBA RiskAversion Fed Inflation
That said, RBA Governor Lowe said, “ will do what is necessary to make sure inflation comes back to target range in next few years.”Apart from hawkish testimony from RBA’s Lowe, the market’s consolidation ahead of the top-tier data from Australia and China, as well as the US, joins the preparations for the US Senate’s voting on the debt ceiling agreement to favor the AUD/USD rebound.
It should be noted that the US Dollar’s struggle ahead of the key data/events also exerts downside pressure on the AUD/USD price despite the latest corrective bounce off the weekly low. That said, the greenback’s latest weakness could be linked to the market’s fears that the US policymakers will turn down the agreement to tame the US default in Congress despite looming system failure on June 05. Adding strength to the DXY’s retreat is the mixed US data and month-end positioning.
It’s worth observing that the US Conference Board's Consumer Confidence Index edged lower to 102.30 for May from an upwardly revised 103.70 prior marked in April . Additional details of the survey report mentioned that the one-year consumer inflation expectations ticked down to 6.1% in May from 6.2% in April. Further, the DallasManufacturing Business Index for May dropped to -29.1 from -23.4 and versus -19.6 market expectations.
Despite the mixed data, Richmond Fed President Thomas Barkin said that he is seeing evidence that interest rate hikes are curbing demand, which in turn prods the AUD/USD buyers ahead of an important day. Elsewhere, US Republicans like Chip Roy and Ralph Norman showed readiness to turn down the US debt ceiling agreement but softer US data put a floor under the risk-off mood.Looking ahead, Australia’s Monthly Consumer Price Index for May and China's NBS Manufacturing PMI, as well as Non-Manufacturing PMI, will be the key to watching for clear AUD/USD directions.
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