AUD/USD eyes further downside as bears prod 0.6600 amid banking woes ahead of US Q1 GDP – by anilpanchal7 AUDUSD RiskAversion Banks Inflation GDP
snaps a two-day downtrend but the bearish bias remains intact amid multiple negatives to the risk profile and surrounding the Reserve Bank of Australia’s next move.
That said, Australia’s Monthly Consumer Price Index dropped to 6.1% YoY in March versus 6.6% expected and 6.8% prior. On the same line, the Q1 CPI also eased to 1.4% QoQ from 1.9% in previous readings but crossed the 1.3% market forecasts. Further, the RBA Trimmed Mean CPI declined below 1.4% consensus and 1.7% prior to 1.2% QoQ in the first quarter .
It’s worth noting that the cautious mood surrounding the US debt ceiling expiration exerts downside pressure on the AUD/USD price as most policymakers aren’t agreeing on the measures suggested by US President Joe Biden. It should be observed that the US House of Representatives currently votes on a bill suggesting the increase in the debt ceiling and to cut government spending, known as the"Limit, Save, Grow Act".
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