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Market News AUD/USD falls below 0.6600 as sentiment weakens and the US Dollar strengthens

AUD/USD falls below 0.6600 as sentiment weakens and the US Dollar strengthens

AUD/USD falls below 0.6600 as sentiment deteriorates. Recent outbreaks of Covid-19 in China have left investors concerned that the government may reimpose restrictions. Tuesday's speech by Reserve Bank of Australia Governor Philippe Lowe draws the attention of traders.

Alina Haynes

2022-11-22

307

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The Australian Dollar (AUD) declined for a fourth day in a row in a risk-averse atmosphere after it was reported that the current China Covid-19 outbreak resulted in three deaths over the weekend, while authorities loosened restrictions. As a result, safety-seeking speculators supported the U.S. Dollar (USD) amidst mounting concerns over the reinstatement of lockdowns. The AUD/USD has reached a daily high of 0.6683 and is currently trading at 0.6590.

Wall Street reflects investors' concerns about a Covid outbreak in China by extending its daily losses. Due to a light economic calendar in the United States (US), the Chicago National Activity index decreased to -0.05 in October from 0.17 in September. Even though the US CPI and PPI numbers for October were worse than anticipated, a strong US Retail Sales report boosted the likelihood that the Fed will continue to tighten monetary conditions.

During the past week, a number of Federal Reserve (Fed) officials have highlighted the need to slow the rate of interest rate hikes, but have emphasized that they will not pause. James Bullard, president of the Federal Reserve Bank of St. Louis, stated that rates are not "sufficiently restrictive" and expects the Federal Funds rate (FFR) to peak between 5% and 6%.

President of the Atlanta Fed Raphael Bostic remarked that the Fed favors decreasing the rate of interest rate hikes and anticipates an additional 75 to 100 basis points of FFR tightening.

The US Dollar Index (DXY), a measure of the dollar's value versus a basket of six currencies, increases by 0.80% to 107.823, which is negative for the Australian Dollar.

Aside from this, the absence of an Australian economic calendar forces AUD/USD traders to rely on market sentiment, which has been pummeled by news from China. The People's Bank of China (PBoC) maintained the Loan Prime Rate (LPR) at 3.65%, while Iron Ore prices added another piece to the puzzle that is dragging on the Australian Dollar.

Reserve Bank of Australia (RBA) Governor Philip Lowe will deliver a speech at the Annual Committee for Economic Development of Australia Dinner on Tuesday, kicking off the week. It is anticipated that he will reaffirm the RBA's commitment to taming inflation, but this is unlikely to cause a stir. In the United States, the economic calendar will include the Richmond Fed Manufacturing Index as well as other Fed speeches.