AUD/USD Falls to Twenty-one Days Low, Focuses 0.6800

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Azeez Mustapha

Updated: 13 October 2022

AUD/USD sellers applied some downward pressure on the pair for three days in a row. And, today the pair fell to 2-weel depth, close to 0.6865 few hour into the European trading period. The increasingly Poor world economic outlook keeps burdening the feeling of investors. Consequently, this reflects in the dominant careful mood that surrounds the money market.

Oppositely, the USD got strength from the hawkish statement made by New York’s Fed President: John Williams, and Marry Daly from San Francisco. As a result, these statements increased the prediction of a violent Federal Reserve Interest rate increase. And this pulled AUD/USD downwards.

AUD/USD Falls to Twenty-one Days low, Focuses 0.6800 Before Fed’s Powell Speech

Other AUD/USD Price Factors

Buyers and sellers are confused about the possibility of a pacier policy tightening by the Federal Reserve due to rising recession anxieties. In addition, this and a new dip in the US Treasury bond produce, restricts the USD, and may assist in preventing further losses for AUD/USD.

Buyers and Sellers are wary of placing orders, but they prefer waiting to hear Powell’s statement at the ECB meeting. Powell’s remarks will be carefully examined for insights into the Fed’s policy perspective. Eventually, this will give a new impulse to AUD/USD.

However, the basic background appears to favor sellers and aids possibilities of more short-term bearishness in the AUD/USD market.

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