AUD/USD stays bearish near 0.6600 amid China, First Republic inflicted fears ahead of RBA, Fed – by anilpanchal7 AUDUSD RBA Fed RiskAversion NFP
shing the seven-week low, during early Monday in Asia. In doing so, the Aussie pair bears the burden of the risks emanating from downbeat China activity data for April and the auction of another US bank, namely the First Republic Bank. Also exerting downside pressure on the Aussie pair is the cautious mood ahead of this week’s monetary policy meeting of the Reserve Bank of Australia and the US Federal Reserve .
Having witnessed a slump in the First Republic shares and fleeing deposits from the US bank, the Federal Deposit Insurance Corporation finally took a tough decision to call in bids for the troubled bank. The same attracted multiple top-tier private organizations, including JP Morgan, to bid for the bank’s takeover. The results are up for release and can give only a kneejerk optimism as an immediate defense of the bank by a private player isn’t a solution to the broad banking problems.
During the weekend, China’s official NBS Manufacturing PMI disappointed with 49.2 figures for April, versus 51.4 market forecasts and 51.9 prior readings. It’s worth noting that the Non-Manufacturing PMI rose past 50.4 expected figures to 56.4 but remained below 58.4 reported in March. With the downbeat numbers from Australia’s biggest customer, as well as the banking fears, the AUD/USD pair remains pressured of late.pair buyers, on both the monthly and the quarterly format.
Amid these plays, S&P 500 Futures print mild losses even as Wall Street closed positive and the yields eased. Moving on, AUD/USD pair may remain pressured amid the market’s cautious mood ahead of the top-tier data/events, as well as due to the sour sentiment. However, major attention will be given to theUnless rising back beyond the previous support line stretched from early March, close to 0.6665 by the press time, the AUD/USD pair is well-set to refresh the yearly high of around 0.6565.
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