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AUDUSD NEWS : AUDUSD gauges a cushion around 0.6760 ahead of Fed’s policy, risk-off mood still solid

AUDUSD NEWS

AUDUSD NEWS : AUDUSD gauges a cushion around 0.6760 ahead of Fed’s policy, risk-off mood still solid

  • AUD/USD is finding immediate support after dropping from above 0.6800 amid a cautious market mood.
  • Fed policymakers are advocating a deceleration in policy tightening pace to reduce financial risks.
  • Australian Employment Change is seen higher at 46.5K while the jobless rate is seen lower at 3.3%.

AUDUSD NEWS : The AUD/USD pair is looking for a cushion after dropping from above the round-level resistance of 0.6800 in the Asian session. The Aussie asset is building a cushion around 0.6760. However, the bewildering inventory adjustment activity could lead to a further downfall as the risk-off impulse is still solid and has not displayed any sign of exhaustion yet.

Meanwhile, the US Dollar Index (DXY) is aiming to extend its gains above the immediate hurdle of 105.20 as investors are hiding behind a haven to dodge anxiety ahead of the monetary policy decision by the Federal Reserve (Fed), which is due on Wednesday.

S&P500 futures have turned cautious as the Fed is set to tighten policy further. While, the 10-year US Treasury yields have surrendered their gains and have dropped to 3.56% as the odds are favoring a less hawkish commentary from Fed chair Jerome Powell.

AUDUSD NEWS : Less-than-projected October’s inflation report, decline in Producer Price Index (PPI) data, and a  severe drop in consumer spending in the United States economy favor a slowdown in the current pace of the interest rate hike by the Fed. Also, Fed policymakers are advocating a deceleration in policy tightening pace to reduce financial risks.

On the Aussie front, investors are shifting their focus toward the speech from Reserve Bank of Australia (RBA) Governor Philip Lowe, scheduled for Wednesday. The speech from RBA Governor will provide cues about the likely monetary policy action in the first monetary policy meeting of CY2023.

Apart from that, Australian employment data will be released on Thursday. The Employment Change is seen higher at 46.5K vs. the prior release of 32.2K. Also, the Unemployment Rate is seen lower at 3.3%. Upbeat payroll data will delight the RBA in hiking its interest rates further.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

Exinity Limited (www.First Capitals.com/uk) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.

Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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