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May 29 - 11:55 PM

AUD/USD - Stays Offered But Strong Support Looms

By Krishna K  —  May 29 - 10:45 PM
  • AUD/USD stays under pressure as risk aversion, elevated US yields undermine

  • Prospect of global rates staying higher for longer sinks stocks, weighs

  • US yields hover near 4-week peak after weak debt auction, inflation concerns

  • Traders nervous ahead of Friday US core PCE price index report

  • Weaker commodities also weighing on AUD as copper, gold sag on profit-taking

  • Sticky AU inflation, higher-for-longer RBA rate stance may limit AUD drop

  • Markets push out likely timing of a 1st RBA rate cut to Nov or Dec next year

  • Australia business investment rises 1% in Q1, tops forecasts

  • Strong support at 0.6580-90, resistance 0.6645-50, 0.6675-80

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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