AUD/USD sticks to modest intraday gains just below mid-0.6600s, lacks bullish conviction – by hareshmenghani AUDUSD Employment RiskAversion Fed Currencies
The pair, however, retreats a few pips from the daily peak touched during the first half of the European session and is currently placed around the 0.6640-0.6645 region, still up nearly 0.40% for the day.
A positive development surrounding the Credit Suisse saga, along with the upbeat Australian employment figures, turns out to be a key factor lending support to the AUD/USD pair amid a modest US Dollar weakness. In fact, the troubled Swiss bank announced this Thursday that it will exercise an option to borrow up to $54 billion from the Swiss National Bank to shore up the liquidity.
That said, concerns about a broader systemic risk, especially after last week's collapse of two mid-size US banks - Silicon Valley Bank and Signature Bank - keep a lid on any optimism. This is evident from the prevalent cautious mood around the equity markets, which acts as a headwind for the risk-sensitive Aussie.
The aforementioned fundamental backdrop, along with the Reserve Bank of Australia's dovish shift recently, signalling that it might be nearing the end of its rate-hiking cycle, favours the AUD/USD bears. Even from a technical perspective, this week's repeated failures to find acceptance above the 0.6700 round-figure mark suggest that the path of least resistance for spot prices is to the downside.
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