AUD/USD Current Price: 0.6369 Australia's strong retail sales raiseexpectations of another rate hike from the RBA. US Dollar slides as risk sentiment improves. The AUD/USD rises above the 20-day SMA targets the 55-SMA. It peaked at 0.6385 and then pulled back modestly. It remains supported by tightening expectations from the Reserve Bank of Australia and an improvement in risk sentiment on Monday that weakened the US Dollar.
However, it's not all about the Fed, as market participants await critical employment data, including the ADP on Wednesday and the Nonfarm Payrolls on Friday. On Tuesday, the Employment Cost Index is due. The Greenback is losing momentum but remains near monthly highs overall. Fundamentals favor the US Dollar, but the fact that market expectations do not anticipate further rate hikes from the Fed limits the upside.
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Source: FXStreetNews - 🏆 14. / 72 Read more »