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May 18 - 02:55 AM

AUD/USD - Drifts Lower As Aggressive RBA Rate Expectations Cool

By Krishna K  —  May 18 - 01:10 AM
  • AUD/USD down 0.3% in Asia as Australia Q1 wage gains underwhelm nL2N2XA02H

  • Aggressive 40bps hike bets trimmed but 25bps June hike almost fully priced

  • Rally capped by Powell's reiteration of Fed's hawkish stance nL2N2X9228

  • Downside limited as easing of China crackdown on tech, COVID-19 lifts risk

  • Focus shifts to Thursday May jobs data; unemployment may fall below 4%

  • Failure at pivotal 0.7048-53 resistance Wed technically bearish

  • Break opens 0.7090-0.7100; support 0.6990-95, 0.6965-70

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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