AUD/USD dives to two-month low, around mid-0.7100s amid broad-based USD strength By HareshMenghani AUDUSD Fed Inflation RiskAversion Currencies
The pair extended last week's bearish breakdown momentum through the very important 200-day SMA and witnessed heavy selling for the third successive day on Monday. Expectations for a more aggressive policy tightening by the Fed, along with the risk-off impulse, pushed the safe-haven US dollar to a more than two-year high. This, in turn, was seen as a key factor that continued exerting downward pressure on the AUD/USD pair.
The prospects for rapid US interest rate hikes, along with prolonged COVID-19 lockdowns in China, have raised concerns about slowing global growth and tempered investors' appetite for riskier assets. This, in turn, boosted demand for traditional safe-haven assets, including the greenback. Apart from this, weaker iron ore prices further collaborate to drive flows away from the perceived riskier and the resources-linked aussie.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD plunges below 0.7200 amid souring market mood, Aussie CPI in focusThe AUD/USD pair is witnessing a steep fall in the Asian session as the negative market impulse deepens on advancing chances of a mega-rate hike by th
Read more »
NZD/USD slides on Monday, testing Feb lowsNZD/USD has been forced lower at the start of the week as the US dollar rallies. At 0.6605, the kiwi is lower by 0.43% and has fallen from a high of 0
Read more »
EUR/USD Price Analysis: Intensive sellers to drag near two-year low at 1.0640EUR/USD Price Analysis: Intensive sellers to drag near two-year low at 1.0640 By Sagar_Dua24 EURUSD Technical Analysis ChartPatterns SupportResistance Momentum
Read more »
EUR/USD drops below 1.0800, closes Macron win-led bullish open gapEUR/USD is resuming its downtrend towards the previous week’s low of 1.0761, wiping out all of its early gains triggered by the French Presidential el
Read more »
USD/JPY opens in the previous consolidation area of 127.46-129.40 amid a risk-off impulseThe USD/JPY pair has opened on a minor slip at around 128.38 on Monday after a range-bound week. The pair remained in consolidation in a narrow range
Read more »
USD/JPY Weekly Forecast: Vulnerable at the record highJapanese authorities have noticed the 11.9% devaluation of the yen since March 7. Is there anything they can do about it? More importantly, does the T
Read more »