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Jul 26 - 03:55 PM

AUD/USD - Soured Risk, Safe-Havens Give Shorts Some Traction Ahead Of The Fed

By Christopher Romano  —  Jul 26 - 01:40 PM
  • AUD/USD dropped in Europe, hit a low of 0.6921, NY opened near 0.6935

  • Pair fell early as risk-off sank equitiesESv1, eroded copperHGv1 gains

  • IMF downgrades to GDPs globally nL1N2Z716F reinforced risk-off themes

  • Global yields YTTc1, US10YT=RR traded heavy on worries of slower growth

  • Safe-havens US$, yen gain; USD/CNH pierced 6.7700, AUD/JPY neared 94.55

  • AUD/USD neared 0.6925 but rallied, touched 0.6960 as US$, yen softened a bit

  • Pair then fell below 0.6940 late as US$ firmed again, equities stay heavy

  • Daily techs lean bearish; RSI diverged on today's high, doji candle formed

  • Fed result looms, if Fed takes a more hawkish stance AUD/USD likely falls

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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