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Jul 09 - 07:55 PM

AUD/USD - Holds Ground, Rallies Vs Peers; Powell Noncommittal On Rates

By Krishna K  —  Jul 09 - 06:30 PM
  • AUD/USD likely to consolidate in Asia after closing unchanged on Tuesday

  • Traded in a relatively narrow 0.6724-0.6747 range but gains vs peers

  • Higher-for-longer RBA rate stance which diverges from other c.banks supports

  • Powell testimony disappoints doves as Fed chief quiet on timing of rate cuts

  • U.S. yields inch higher, boost USD but Aussie stays firm on RBA expectations

  • AUD/JPY hits 108.75, highest in 33 years on carry trade demand

  • Next target 109.74, 1991 high; EUR/AUD hovers near 1-year low

  • China inflation, RBNZ rate decision, Powell testimony Wed, US CPI Thu eyed

  • Close above 0.6751, 76.4% Fibo of Dec-April drop opens ratchet to 0.6871

  • Minor resistance 0.6760-70, 0.6800, support 0.6700-10, 0.6675-80

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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