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Market News AUD/USD Advances Toward 0.7000 As RBA Seeks To Further Tighten Policy

AUD/USD Advances Toward 0.7000 As RBA Seeks To Further Tighten Policy

Despite the cautious market sentiment, AUD/USD aims to reclaim the psychological resistance at 0.7000. ANZ Bank economists anticipate two rate hikes by the RBA to 3.85% in light of an upward skew in inflation predictions. Powell reaffirmed that the process of maintaining price stability will require a considerable amount of time.

Alina Haynes

2023-02-08

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During the Asian session, the AUD/USD pair extended its rebound above the immediate barrier of 0.6960. As the current monetary policy of the Reserve Bank of Australia (RBA) is not tight enough to curb the galloping inflation, it is anticipated that the Australian dollar will reclaim the psychological resistance level of 0.7000.

The Australian Consumer Price Index (CPI) continues its upward trajectory, which is driven by global factors, rising energy prices, and a robust labor market. In the absence of peak inflation estimates, the price index is in uncharted terrain. To address the inflation issue, RBA Governor Philip Lowe has no choice but to continue raising interest rates.

The RBA raised interest rates by 25 basis points (bp) on Tuesday, bringing the Official Cash Rate (OCR) to 3.35 percent. ANZ Bank economists anticipate two further increases in March and May. ANZ Bank noted in a note, "We continue to anticipate that the cash rate target will increase by a further 25 basis points in March and then to 3.85% by May 2023." Given the momentum of inflationary pressure, we continue to view this peak's risks as skewed to the upside."

Despite China rejecting a U.S. request for a phone conference between U.S. Defense Secretary Lloyd Austin and Chinese Defense Minister Wei Fenghe, risk-perception currencies continue to strengthen, a Pentagon spokeswoman told Reuters on Tuesday. After a positive Tuesday, S&P500 futures are now showing slight losses, indicating a cautious market sentiment.

The US Dollar Index (DXY) slipped below 103.00 despite Federal Reserve (Fed) head Jerome Powell stressing that the battle against inflation is far from done. Fed’s Powell confirmed that higher interest rates will continue for a longer period to achieve price stability. He further remarked, “The robust jobs data shows you why we anticipate that inflation taming will be a process that takes a significant period of time.”