AUD/USD weakens further below 0.6700, over one-week low amid modest USD uptick – by hareshmenghani AUDUSD Fed InterestRate Recession Currencies
to gain some positive traction on the first day of the new week, which, in turn, is seen exerting downward pressure on the AUD/USD pair. The recent hawkish signals by several Federal Reserve officials reaffirmed market bets for another 25 bps lift-off at the next FOMC meeting in May. Adding to this, the incoming US macro data suggested that the world's largest economy remained resilient and supported prospects for further policy tightening by the Fed.
The flash version of the S&P Global's PMI survey showed that the overall business activity in the US private sector expanded at a faster pace in April, with the Composite PMI rising from 52.3 in March to 53.5, or the highest since May last year. The upturn was led by the service sector, where activity grew for a third successive month and at the fastest rate for a year.
due for release from the US on Monday. Hence, traders will take cues from the broader risk sentiment to grab short-term opportunities around the pair.
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