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AUD/USD receives bids around 0.6950 while gathering its daily profits earlier today. For The pair to have achieved this, news of China’s worries about the world recession and the Fed’s rate increase has been of assistance.
Moving on, the POBC ( People’s Bank of China) kept its main monetary policy constant. These include the 5 and 1-year Loan Prime Rate which is kept at 4.5% and 3.75%. The POBC’s Idleness was the opposite of the western policymakers who were hawkish. However, the Western hawkishness was unable to put an offer under the AUD/USD prices.
Furthermore, a 10% decline in iron ore export: Australia’s main export, combines with Fed’s hawkish worries to burden the AUD/USD.
Additional News Affecting the AUD/USD Price
Worries of a difficult economic situation were raised by The Washington Post US the Fed raised its interest rate to 75 bps. This news reveals that the rate hike will test the economy on how the economy can do without unending credit. Also, it tests how well the economy can accommodate borrowing costs. These as well somehow affect the AUD/USD price.
While all these were happening, United States stock futures recorded moderate losses, as the US Treasury remained the same: 3.43%. All this happened during Juneteenth vacation in the US.
By tomorrow the minute of the Reserve Bank of Australia meeting, and the statement of Lowe: RBA Governor will be published. These will be very important for traders of AUD/USD to monitor. Another important event will be Jerome Powell’s speech for new impulse as he might be questioned about the recent rate hike and its effect on the economy.
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