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Market News AUD/USD reaffirms multi-day low near 0.6700 as Australia's Q2 GDP is mixed and attention turns to Fedspeak

AUD/USD reaffirms multi-day low near 0.6700 as Australia's Q2 GDP is mixed and attention turns to Fedspeak

AUD/USD accepts offer to retest two-month low, disregards Australian government efforts to curb inflation, and GDP increases. Australia's Q2 GDP decreased to 0.9% on a quarterly basis, but increased to 3.6% annually. Risk aversion and hawkish Fed wagers place additional downward pressure on prices. China's trade data and the remarks of Fed policymakers are examined for a fresh impetus.

Daniel Rogers
2022-09-07
574

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AUD/USD extends its bearish bias towards the 0.6700 level, falling to the lowest level since July 14 amid conflicting Aussie data and a risk-averse sentiment during Wednesday's Asian session. In doing so, the risk barometer pair disregards the Australian government's efforts to curb inflation-driven economic difficulties before to the presentation of the annual budget next month.

 

The Gross Domestic Product (GDP) of Australia for the second quarter (Q2) decelerated to 0.9% from 1.0% predicted and 0.8% previously. The year-over-year statistics indicate a growth rate of 3.6% compared to the market consensus of 3.5% and previous readings of 3.3%. Australia's AiG Performance of Services Index surpassed 51.7 earlier in the day before reaching 53.3 in August.

 

In response to growing inflation, the Australian government intends to lower the cost of medications and assist retirees. Prime Minister Anthony Albanese said the government will present legislation to decrease the maximum co-payment on its pharmaceutical benefits system to A$30 ($20) per prescription from A$42.50 per prescription, aiding 3.6 million people, ahead of the federal budget next month. The news also said that the government will grant retirees financial incentives that would make it more affordable for them to downsize their homes, so reducing the impact on their pension funds when they profit from a property sale.

 

Alternately, between the energy crisis and China's covid difficulties, rising fears of economic slowdown combine with stronger US data and hawkish Fed wagers to support the US currency. In spite of this, the US Dollar Index (DXY) remains firmer near the highest levels in 20 years, with intraday gains of 0.22% near 110.50 at the latest. Recently, the CME's FedWatch Tool indicates that there is a 72.0% chance of a 50 basis point (bps) rate hike in September, up from 57.0% one day before.

 

Wall Street closed in the red as 10-year US Treasury rates spiked to their highest levels since mid-June, reflecting the prevailing sentiment. Notable is that the S&P 500 Futures fell 0.50% as the prices of commodities such as crude oil and gold remained under pressure, reflecting risk aversion and weighing on the AUD/USD.

 

In the near future, the AUD/USD will be influenced by China's August trade statistics before the Fed's statement. However, Thursday's speeches by Reserve Bank of Australia (RBA) Governor Philip Lowe and Fed Chair Jerome Powell will be closely watched for clear direction.


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