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Market News AUD/USD Falls Below Mid-0.6500s, Hitting a New Daily Low Amidst Renewed USD Purchasing

AUD/USD Falls Below Mid-0.6500s, Hitting a New Daily Low Amidst Renewed USD Purchasing

On Tuesday, AUD/USD is impacted by a fresh supply and a modest USD strength. The dollar is supported for a second consecutive day by wagers on additional Fed rate increases. A favourable risk sentiment could cap the USD and limit losses for the risk-sensitive Australian dollar.

TOP1 Markets Analyst

2023-08-08

7682

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During Tuesday's Asian session, the AUD/USD pair experiences some selling pressure and falls to a new daily low, falling further below the mid-0.6500s in the last hour, snapping a three-day winning trend.

The US Dollar (USD) advances for a second day in a succession due to a growing consensus that the Federal Reserve (Fed) will maintain its hawkish stance. The closely watched US jobs report, which indicated sustained labour market tightness and raised expectations for a soft economic landing, confirmed the bets. In addition, Fed officials stated on Monday that additional interest rate increases are likely given the persistently high level of inflation. This factor continues to support elevated US Treasury bond yields, which act as a tailwind for the dollar and exert some downward pressure on the AUD/USD pair.

However, a broadly bullish sentiment on the equity markets restrains any significant gains for the safe-haven dollar and could provide support for the risk-sensitive Australian Dollar (AUD). Aside from this, the Reserve Bank of Australia's (RBA) hawkish outlook, which indicates that interest rates may still need to rise, may limit further losses for the AUD/USD pair, at least for the time being. Ahead of this week's publication of the latest consumer inflation data from China and the United States, due on Wednesday and Thursday, respectively, traders may also refrain from placing aggressive directional wagers.

Before concluding that the AUD/USD pair's recent rebound from the 0.6515 area, or two-month low, has run its course, it would be judicious to observe strong follow-through selling. Therefore, a sustained break below the psychological 0.6500 level is required to support the resumption of a three-week-old downtrend. Together with Fedspeaks, the US Trade Balance data will impact the USD price dynamics. In addition, the broader risk sentiment may contribute to the creation of short-term opportunities surrounding the major.